The downtown Historic District is listed on theNational Register of Historic Places and qualifies for the HistoricPreservationTax Credit Program.
HISTORICAL TAX CREDITS: The Ohio Historic Preservation Tax Credit provides a state tax credit up to 25% of qualified rehabilitation expenditures or QREs and the Federal program provides 20% where they can be stacked for up to 45%. In general, a dollar of tax credit reduces the amount of tax owed by one dollar. In Ohio there is a maximum $5 million in Ohio state tax credits that can be given to an applicant. EX: If $1 million of qualified rehabilitation expenditures or QREs are made, then 45% x $1 million = $450,000 of tax credits that can be applied directly to the amount of taxes owed. Applicants that complete their project and receive a tax credit certificate with an effective date prior to June 30, 2019 can apply the tax credit against applicable commercial activity taxes.
TIME IS RUNNING OUT, HISTORICAL TAX CREDITS BENEFITING THE COMMERCIAL ACTIVITY TAX
Many applicants apply the state historic preservation tax credit against their individual tax liability and some projects bring in investors who have the financial institutions tax liability. The commercial activity tax (CAT) is a tax on business gross receipts of $150,000 or more per calendar year. Unlike a corporate income tax, which is imposed on a business' profits, a gross receipts tax is imposed on a business' total sales of goods and services, with no deduction for the cost of doing business.
The commercial activity tax can be substantial and applicants that complete their project and receive a tax credit certificate with an effective date prior to June 30, 2019 will have the ability to credit against the CAT which is a powerful incentive.
Due to the zoning and location this building offers a variety of options from Living in the Building, Relocating your Business or starting a New Business such as a Restaurant/Bar, Entertainment Center, Brewpub - Micro-Brewery - Craft Beer to a Hotel and Bed and Breakfast Inns and much more, this building and location offers the opportunity where your dreams and future can come true.
Where dreams do come true, where living and business come together. If you owned this, you would be both at home and work by now
IN REAL ESTATE AND BUSINESS, STABILITY IS NEEDED AND STABILITY OVER A LONG PERIOD OF TIME IS EXCEPTIONAL.
Cities across the country have been steadily losing their populations due to a variety of reasons where one reason is seeking opportunities elsewhere.
The Stark County Canal Corridor has been around for almost 200 years that is located in western Stark County. Stark County Ohio since 1850 has had only two population declines over a decade with the second one during the 2010 census where there was a slight 0.7 percent drop to 375,586 in 2010 from 378,098.
Commercial waterfront property including an outdoor garden area nestled against the banks of the historic Ohio & Erie Canal representing potentially the only known commercial development site with “direct” access to the canal/canal water along the entire 110 mile canal corridor. Zoned B-1 -General Retail-Office District with the first floor and the lower level having both the UseGroup A1- Assembly Use and B-Business Group. With the lower level use designation and being connected to the outdoor garden area opens up directly to opportunities related to the canal corridor. Included within the conditionally permitted uses are both a “hotel” and “Bed and Breakfast Inns” creating a waterfront hospitality opportunity. The Ohio & Erie Canal Corridor has demonstrated itself to be an economic development engine and catalyst generating $408 million in annual consumer spending attracting over 2.5 million people where 1.3 million or 52% of those people visit the Stark County Canal Corridor that has a reputation as an Outdoor Recreation Paradise, Eco and Wildlife Tourism, Heritage and Cultural Tourism that includes one of only four operating canal boats in the State of Ohio.
According to the Outdoor Industry Association, outdoor recreation is a powerful economic development engine generating $887 Billion annuallyin consumer spending identifying 10 activitiesthat make up that consumer spending where the Stark County Canal Corridor section has 7 of those 10 activities in place.Within the “2016 National Park Visitor Spending Effects” report, it stated that communities within 60 miles of a national park throughout the country shared in a collective $18.4 BILLION in direct spending by 331 million park visitors in the year 2015 and the Stark County Canal Corridor is in that 60 mile spending radius.
When the PRO FOOTBALL HALL OF FAME VILLAGE a $600 million project that will be completed in phases with a final completion in 2020 is up and running it is estimated to generate for Stark County over the subsequent 25 year period about $15.3 Billion that averaged out equals over $600 Million per year of an estimated economic impact and they are currently looking for and identifying destination locations to offer to their customers and we are located just a short distance away.
The Warehouse on the Canal is located within the historic district of downtown Canal Fulton that is a small community with overall crime statistics that are substantially less than the national averages. Canal Fulton is unique in the fact that it has the following:
The Tuscarawas River runs through the downtown where kayaking and canoeing takes place.
The Ohio & Erie Canal towpath runs through the downtown offering recreational opportunities.
The Ohio & Erie Canal that has proved to be a major economic development catalyst runs through downtown.
The Scenic Byway runs through downtown attracting people to visit.
Additionally located in Canal Fulton just 1 mile from the downtown is a 500 acre resort, RV park, campground, event center with a 25 acre fishing lake. This event center is known for bringing in national acts such as Blake Shelton and a variety of other entertainment options where they draw in several hundred thousand people annually and this is one of Ohio's top outdoor camping destinations.
The building has a gross area of 21,120 sq. ft. spread out over a lower level, first floor, second floor and the third floor with each floor being 5280 sq. ft.
The rentable area of the building is 18, 992 sq. ft. as identified by the Stark County Auditor due to a portion of the lower level -2128 sq. ft. not currently having a direct access to the exterior due to the existing space layout.. See lower level below.
First floor: 5280 sq. ft. - suggested this space could be used for office, retail, theatrical and others with the best use as retail.
Second floor: 5280 sq. ft. - suggested this space could be used for office, retail, theatrical and others with the best use as office.
Third floor: 5280 sq. ft. - Storage only as there is no second exit from the floor. If there was a second exit, the use would be office, retail, theatrical and others.
Lower level – 5280 total sq. ft. - Due to the existing space layout a small portion of the space has does not currently have a direct access to the outside, the Stark County Auditor’s adjusted the usable space and designated that of the total, 2128 sq. ft. as storage and 3,152 sq. ft. usable. This usable space could be used for office, retail, theatrical and others with the best use as retail, bar, restaurant or similar as it has a B-business and A-1 use group allowing for an upgrade beyond storage only typical of a basement. Regarding the 2128 sq. ft. for storage only, when the lower level is developed for another specified use, this area can be added back into the overall usable sq. ft. that could be used for retail, bar, restaurant or similar use occupancy.
Mezzanine: 400 sq. ft. - Note: For some reason this area exists, but is not included in the overall total sq. ft. of the building. Currently this area is used as the office of the building owner and is not included in the overall total sq. ft. of the building or in the market analysis of the building and would represent additional space included in the overall deal.
There is a 2,000 lb. capacity freight elevator serving all floors that is up to code and with the required certifications and inspections.
Electrical service:400 amps – 120/240 volt - single phase three wire service. 3-phase service available. A separate electrical panel with dedicated circuits serves the kitchen area and a portion of the first floor installed for food and beverage preparation/serving. Note: Located on the third floor is a small generator that converts the single phase power over to three phase in order to operate the elevator.
Ohio & Erie Canal Towpath: It is about a 30 second walk to the towpath that is popular to walk, jog or bike.
Certificate of Occupancy: The building is zoned B-1-General Retail-Office District with the first floor and the lower level having both the Use Group A1- Assembly Use and B-Business Group which represents the only designation of it's type in the Historic District. Conditionally Permitted Usesallows for Rented Apartments above businesses or living space that has been granted and the owners have lived in the building for the past 10 years.
The first floor is divided up into two main halves where there is also a designated kitchen area and a former bar area. Except in the kitchen area the ceiling height is about 13.5 ft. with original tin ceilings, brick walls and wood floors. There are two (2) existing restrooms (men's-women's) and a slop sink, Two (2) separate HVAC units.
The bar area has a separate entrance that serves as the ADA street level entrance to the building.
Kitchen: Three compartment sink, ice-machine, convection oven, prep tables, conventional stove, food warmer, hookup for commercial dishwasher, refrigerator, rubber mats and more.
Second Floor: The second floor is subdivided into three (3) separate areas each with its dedicated HVAC units, Two (2) restrooms, one includes a shower, 9 feet 10 inches ceiling height with original tin ceilings.
Third Floor: Exposed timber beams and brick walls with wooden floors. From the third floor there is an interior ladder that provides access to the roof and elevator room. This floor is currently being used as a storage area only, but can be considered as rentable space in the event a second exit can be added such as an exterior stairwell. The roof slopes from 9 feet 2 inches to 7 feet 2 inches ceiling height.
Lower level: Subdivided into three (3) areas, one of which has a commercial walk-in freezer and a commercial walk-in refrigerator located in it, 9 feet ceiling height overall.
Stairs connecting all floors from the third floor to the lower level.
Included in the sale price can be the tables, chairs, staging area, most of the fixtures, props, furniture and cabinets.
Outdoor Garden: Nestled between the Ohio & Erie Canal and a dedicated rose and flower garden is an intimate and versatile setting. From music concerts, movies in the garden, corn hole and horse shoe tournaments to tea parties you are made to feel like you are on vacation in a special place. This garden area has a direct access to the canal waters. The garden area can accommodate seating for over 100 with tables and chairs. Note: Based upon the size of the Warehouse building to the building footprint, it is estimated that an approximately 12,000 sq. ft. building can be built and as noted above represents the only known commercial development site with “Direct” access to the canal along the 110 mile long canal corridor.
The building value is based upon a Sales Comparison/Market Approachfor identified uses as noted above:
This is the method most are familiar with as it is the accepted method for valuing residential real estate. Typically this method involves selecting properties with similar characteristics in the same market area that have recently sold.Once those properties are found they are compared to the property in question and a professional appraiser will deduct value from the subject property for comparative deficiencies and increase value for advantages. Typically this method is required if the investor is seeking conventional financing.
Cost approach in appraising:
The cost of construction minus depreciation, plus land, therefore is a limit, or at least a metric, of market value. In the insurance industry, "replacement cost" or "replacement cost value" is one of several method of determining the value of an insured item. Replacement cost is the actual cost to replace an item or structure at its pre-loss condition.
The replacement cost for the property in the insurance policy is $1,777,500.00
Replacement cost does not take into consideration improvements necessary to conform to change building codes, demolition, debris removal, site accessibility, reuse of building components or services, overtime, bonuses for labor, abnormal soft costs, extraordinary fees, premiums for materials, real estate commissions, land, landscaping, sidewalks, driveways, patios, well and septic systems, sewer and water systems, other land improvements and other various contingencies.
Replacement Cost - $1,777,500.00 vs.selling price - $979,900.00 The fundamental premise of the cost approach is that a potential user of real estate won't, or shouldn't, pay more for a property than it would cost to build an equivalent. $46.40 sq. ft. average sale price vs. $84.16 sq. ft. replacement cost.
Comparable Market Analysis:
Canal Fulton is a small community located in Stark County and similar type properties would be looked at in the City of Canal Fulton and the adjacent larger communities of the City of Massillon and the City of Canton which is the largest city in Stark County and the City of Akron the largest city in Summit County. Based upon the building construction, the uses of the building including a location along the Ohio & Erie Canal as a prime waterfront location, there are no real or a lack of similar market sales that can be used as a “side by side” comparison of this property to those of somewhatsimilar comparable properties in the market. We tried to match up with comparable sizes for each respective group.
LoopNet:Through a search of office, retail, and storage space within the communities of Canal Fulton, Massillon, Canton and Akron of approximate similar size spaces for sale, we have taken an average rate as the basis on the valuation of the properties sold in the respective markets. Based upon the market sales comps by LoopNet in the market that includes Canal Fulton the following reflect the average rates:
Office:$74.18 sq. ft.
Retail:$77.80 sq. ft.
For comparison the sale price is $46.40 sq. ft.
Office: To be fair we picked mainly Class C properties which would reflect older properties. In Canton rates ranged from $44.77 sq. ft. to $93.13 sq. ft with an average of $70.29 sq.ft and in another search on a different date the rates ranged from roughly $80-$110 sq. ft. where in Akron the size of comparable type space reflected older homes used as office with a range of $50-60.00 sq. ft. which in themselves are not comparable. We are using $70.00 sq.ft that would be considered as being a reasonable value.
Retail: The ranges of comparable size spaces ranged in the $40.00 sq. ft - $100.00 sq. ft. We are using $60.00 sq.ft for the first floor and $30.00 for the lower level that would be considered as being a reasonable value.
Industrial: The range for industrial and warehouse space was in the $10.00 sq. ft to $50.00 sq. ft. plus. We are using only $5.00 sq. ft. as a typical industrial/warehouse space would be on the first floor with a loading dock. There is no loading dock, but there is a freight elevator to move materials from the first floor to the second and third floors and the lower level.
Adjustable usable 18,992 sq. ft. + 2128 storage = 21, 120 sq. ft.
Office = 5280 sq. ft. x $70.00 sq. ft = $369,600.00
Retail = First floor: 5280 sq. ft. x $60.00 sq. ft. =$316,800.00 Lower level: 3,152 sq. ft. x $30.00 = $94,560.00
Storage = 7,408 sq. ft. representing 5280 sq. ft. on the third floor and 2128 sq. ft. on the lower level x $5.00sq. ft= $37,040.00
Estimated total based on these estimates: $ 818, 000.00
Total 21, 120 sq. ft. - $818,000.00 = $38.73 sq. ft. average.
Sale price $979,900.00 - 21,120 sq. ft. = $46.40 sq. ft. average
Waterfront property has an added value that everyone would recognize. Through research I have come across articles suggesting that the added value was equal to about 20-25% of the purchase price. Using 20% x $818,000.00 = $163,600.00.Just using the 20% makes up that difference. In addition, the following adds to the overall value:
Location, Location, Location where it is a small town community with crime rates that are substantially less than the national office.
Your backyard is literally the historic Ohio & Erie Canal Corridor and a County Park System known as Stark Parks. The canal has been around for almost 200 years and has earned the reputation as an Outdoor Recreation paradise, Eco and Wildlife Tourism, Heritage and Cultural Tourism where the 110 mile canal corridor attracts over 2.5 million visitors and $408 million in consumer spending. Note: Of the 2.5 million people, 1.3 million people visit Stark Parks where it is the top draw as it’s 25 miles equals 22.72% of the total towpath but attracts 52% of the people.
Included in the price is a side yard currently being used as a rose and flower garden that is approximately 37’ x 80’ or 2960 sq. ft. that also has the B-1 use group. Developing this site consistent with the main building would produce a building of about 12,000 sq. ft.Note: This site is the only known and available commercial development location with direct access to the canal along the 110 mile canal corridor and in terms of a hotel development, the only location between the cities of Akron and Dover a distance of almost 50 miles resulting in the ability to control that market niche. A Phase I study has been completed and it supports the City of Canal Fulton supporting a hotel and is available to serious investors. Contained within the Phase I study, it was stated that "With a 30% estimated equity investment, this support level will generate an annual rate of return, Cash on Cash, of 30.91%. (Adjusting the Equity and/or Desired Rate of Return will adjust the Benchmark Development Costs accordingly.)"
Stark Parks is like the hub of a wheel where the spokes connect to more than 26 different communities where it is celebrating its 50 years of history and proudly manages14 parks, 4 lakes, and over 100 miles of hiking, biking, mountain biking and equestrian trails, totaling over 8,000 acres of land where people enjoy boating, camping (primitive), canoeing, kayaking, pontoons and paddleboarding. There is 2800 acres open to hunting and there are1200 acres of ponds, lakes and reservoirs for fishing. The headwaters of the Tuscarawas River and the Nimissillan Reservoir and feeder system are some of the best breeding areas for game fish.
The existing equestrian trail is being expanded where discussions are currently going on to create a major equestrian trial and campground in Canal Fulton that will be draw over a large area that will connect two different counties together. Birding is big along the canal corridor with its large variety of birds including migratory paths and the nesting of bald eagles. Stark Parks is big on enjoying, educating and protecting nature with their Geocaching, Questing, Healthy Adventures programs along with a wildlife conservation center and tours.
Eco-tourism is attracting everyone from Millennials to Baby Boomers.
Bird watching or birding is the fastest growing outdoor recreational activity in America. The Old Muskingum Trail north of Canal Fulton is within a major migratory flight path for many species of birds. In the fall, especially one can see a myriad of different birds that normally are not seen in this part of Ohio. They will congregate in large numbers to rest and forage while on their journeys.
Heritage and Cultural Tourism is one of the fastest growing segments in the tourism industry.
Eco-tourism remains just a small part of the tourism industry, but it is the fastest-growing segment, according to The International Ecotourism Societyof Washington, D.C. It is attracting everyone from millennials to baby boomers, and its practices are influencing hotel chains and even beach resorts to implement more sustainable practices.
Horseback riding and discussions are currently going on to create a major equestrian trial and campground in Canal Fulton that will be draw over a large area.
Marketing and promotional awareness is a key to any business and by being located at the Warehouse in downtown Canal Fulton and along the Ohio & Erie Canal, you will be part of the Scenic Byway route that is a nationally designated scenic route by the U.S. Secretary of Transportation to get people off of the freeways to connect people to the National Heritage Area. A National Scenic Byway must have one or more of six "intrinsic qualities": archaeological, cultural, historic, natural, recreational, and scenic designed to promote TOURISM and ECONOMIC DEVELOPMENT. Note: There are more than 600 Scenic Byway signs directing motorist to visit this Scenic Byway tour route.
Conservation Buffer Zone area- Connected to the subject property is an area dedicated by Stark Parks as a Conservation Buffer Zone to help improve species diversity and the benefit of wildlife. This area along the canal has access via a graveled road as the use is identifiedin the Governor’s Deed to remain open to the public providing a non-development designation where the view of the canal will always remain.
Stark County Tourism: Data from the Visit Canton Stark County Convention & Visitor’s Bureau indicate 581,370 hotel rooms sold and consumer spending of $1.1 billion. The Warehouse participates in the tourism industry.
The third floor of 5280 sq. ft. calculated at $5.00 sq. ft. = $26,400.00 as storage space due to the lack of a second exit. If a second exit was added such as an exterior stairwell, the space then could be used for the uses under a B-1 use such as office, retail and others. Previously we received a quote of $30,000 for the exterior stairwell that we have arbitrarily bumped up to an estimated cost of $50,000. If the second exit was added, the value for office space would be an estimated at $70.00 sq. ft. or $369,600.00 and increase in value of $343,200.00 for an investment of an estimated $50,000.
If the third floor was upgraded, $818,000.00+ $343,200.00 = $1,161,200.00
B-1 General Retail Office District Zoning
CHAPTER 1169 B-1 General Retail Office District
1169.01 PURPOSE. The purpose of this District is to provide for a variety of retail, service and administrative establishments which are required to serve a large trading area population. (Ord. 22-1972. Passed 8-1-72.)
1169.02 USES. Within a B-1 General Retail-Office District, no building, structure or premises shall be used, arranged to be used or designed to be used except for one or more of the following uses: (a) Permitted Uses.
(1) Department store.
(2) Off-street public parking lot.
(3) Establishments engaged in the retail trade of:
B. Book and stationery store.
C. Apparel store.
D. Florist shop.
E. Antique store.
F. Sporting goods store.
G. Jewelry store.
H. Optical goods store.
I. Furniture, home furnishing, and office equipment and office supplies store.
J. Beverages including liquor.
L. food sales including supermarket.
M. Hardware, paint, floor coverings, wallpaper, materials and objects for interior decorating, auto accessories and repair of household appliances.
N. Preparation and processing of food and drink to be retailed on premises including bakery, delicatessen, meat market, confectionery, restaurant, ice cream parlor, soda fountain.
O. Eating and drinking establishments but excluding drive-in restaurants.
(4) Establishments engaged primarily in the fields of finance, insurance and real estate:
B. Credit agency other than a bank.
C. Investment firm.
D. Insurance carrier.
E. Real estate and insurance company.
F. Investment company.
(5) Establishments engaged in providing a variety of services to individuals and business establishments, such as:
A Personal services such as barber and beauty shops, shoe repair shops, laundries and dry cleaning.
B. Business services such as advertising agency, news services, maid service and employment agencies.
C. Medical and other health services.
E. Legal services.
F. Accounting, auditing and bookkeeping services.
G. Nonprofit, professional, charitable and labor organizations.
H Dance studio and school.
I. Bowling alley.
J. Motion picture and theatrical playhouse.
K. Child and adult day care center.
L. Video rental and sales.
Note: D- Was Omitted from the Codified Ordinance.
6) Accessory buildings incidental to the principal uses which do not include any activity conducted as a business.
(7) Accessory uses clearly incidental to the uses permitted on the same premises.
(8) Travel agency, passenger-transportation agency and terminal.
(b) Conditionally Permitted Uses. The Planning Commission may issue conditional zoning certificates for uses listed herein subject to the general requirements of Chapter 1145 and to the specific requirements of Section 1145.04, referred to below:
(1) Drive-in banking facilities subject to Subsection 102.
(2) Clubs, lodges, fraternal, charitable or social agencies subject to Subsection 102, 103, 105, 110.
(3) Temporary buildings for uses incidental to construction work subject to Subsection 114. (Ord. 22-1972. Passed 8-1-72.)
(4) Veterinarian hospital or clinic. (Ord. 8-1980. Passed 4-1-80.)
(7) Bed and Breakfast Inns subject to Subsections 103 and 117. (Ord. 23-87. Passed 5-19-87.)
(8) First floor apartments subject to subsection 132. (Ord. 7-91. Passed 4-2-91.)
(9) Outdoor dining on public property subject to subsection 133. (Ord. 45-94. Passed 8-16-94.)
(10) Hotel. (Ord. 12-16. Passed 7-19-16.)
The Warehouse on the Canal is a beautiful building in a prime waterfront location with a one of a kind development opportunity where the Ohio & Erie Canal/ towpath and the County Park System is literally in the backyard. With the building zoning and the prime location this building offers ownership and investment opportunities including a hotel, bar/restaurant and entertainment center options to a business tied to the multi-faceted Outdoor Entertainment Industry to companies that are administrative in nature looking for a location for their employees reflecting a desire to be in a community that statistically is substantially less than the national average on crime statistics and where the employees can stretch their legs by walking on a park trail to those that have always wanted or considered living and working from the same location where dreams can come true by having the ability to put those dreams into reality.
Here is the link to the Stark County Auditor website. Under Real Estate click on Real Estate Search and then under Parcel#, add # 9502062. Under this section you can also click on “Intersection” where you will select the Canal Fulton Community and then under street select Canal St N, Canal Fulton and under “Intersecting Street” select W. Market St Canal Fulton that will produce an aerial view of the Warehouse building and the surrounding areas showing the parcel numbers. Click on: http://www.starkcountyohio.gov/auditor/departments/real-estate
Instrument No. 200210090081258 - (Parcel #1) and (Parcel #2)
Parking: There is free diagonal and parallel parking along the street running in front of the building along with parking along the side streets and there currently is a public parking lot leased by the City of Canal Fultonkitty-corner from the building. Note: Depending upon the size of the parking needed, as per the City Manager of the City of Canal Fulton, the city owns some land that could be made available.
Akron-Canton Regional Airport: 10.6 miles from the subject property.
Accessibility to major freeways: 1 mile to State Route 21. 8 miles to Interstate 77.
East Ohio Gas Company. The building is included in the city aggregation program.
Ohio Edison electrical service.
City water and sewer.
Surrounding uses: Commercial -Residential – Ohio & Erie Canal – County Park System.
The building as your residence. Another benefit to this building is the fact the owner can live in the building as per the Conditional Permitted Use (Rented apartments above businesses.) - (Ord. 25-05. Passed 11-15-05.) and operate their business out of the same location and/or put into reality a dream to start their own business whether a restaurant, dance studio, theatrical playhouse, etc. The area above the first floor can also be used for renting out apartments to third party users. This Conditional Permitted Use has been previously granted by the City of Canal Fulton Planning and Zoning Commission and the seller has been living in the building as their primary residence for the past 10 years.
I believe that honesty is the best policy and time is valuable for both seller and buyer and I wanted to provide as much initial information as possible and the methodology and basis for arriving at the sale price allowing for your own analysis and if there is an interest, we can then work towards making a deal. If you are interested or have a client that is interested in seeing this property, please email me at firstname.lastname@example.org.
For those who might be interested in a hotel development on a prime development site:
In the photo above, the vacant lot shown to the block wall is owned by another and it was at this lot that a deal fell through with a potential hotel developer that had plans to put in a 60-70 room facility. In the process a Phase I study was completed that identified Canal Fulton as supporting a hotel. The developer also paid for a Phase II study, but the results were not shared and this study is not believed to the reason the deal fell through.
Contained within the Phase I study, it was stated that "With a 30% estimated equity investment, this support level will generate an annual rate of return, Cash on Cash, of 30.91%. (Adjusting the Equity and/or Desired Rate of Return will adjust the Benchmark Development Costs accordingly.)"
Based upon the Field Research performed and the information reviewed above, there is a strong indication that the Canal Fulton, Ohio market could support additional hotel development.
The study was Prepared Exclusively For: City of Canal Fulton, Ohio
Gregory R. Hanis, ISHC President Hospitality Marketers International, Inc. an experienced leader in the hospitality industry
The above information can be emailed to you. Complete the form below requesting for the information to be sent to you. If you are a broker or you are represented by a broker, please advise in that request.
We work with all licensed real estate brokers and their agents. We will pay a commission amount equaled to 6% of the final sale price to the identified procuring broker and their client registration.
The backyard is the Ohio & Erie Canal and the County Park System known as Stark Parks
This rose and flower garden area can support an approximately 12,000 sq. ft. expansion area. This site may represent the only commercial development site with "Direct Access" to the canal available along the entire 110 mile long Ohio & Erie Canal Corridor. Connecting to this site and continuing along the canal is a County Park Conservation Zone that will always remain open to encourage species diversity. The garden area is directly connected to the lower level offering the opportunity to create a beer garden with dining and entertainment options playing off the canal.
In the photo below that is estimated to be circa 1915 shows the "Chew Honest Scrap" sign and here it is over 100 years later and you can still see the sign although faded. The Historical Preservation Society has approved of the repainting and restoring of the sign and the chewing tobacco box.
Previous Bar Operation
With all of the space, imagine the possibilities of themed parties and entertainment options that can be planned? The area shown is part of one-half of the first floor space.
You could even have an 18 piece orchestra playing for your event
Themed wedding ceremony
Opportunities of closing off the street in front of the building to expand events. This event was for those with special needs where over 250 people watched.
Your guest list of those invited can be endless:
Working from home:
Studies show: 30 percent of human life is spent working.
Spending more time with your family and being able to control that workplace and home life balance that is so important
Imagine if you lived here and what you could do:
Within the Codified Ordinances under Chapter 1169.01-B-1 General Retail-Office District, there are Conditionally Permitted Uses of which oneConditionally Permitted use includes, Rented apartments above businesses. (Ord. 25-05. Passed 11-15-05.)that had been previously approved by the Planning and Zoning Commission. The seller has lived in the building as their primary residence for the past 10 years.
Imagine having 21,120 sq. ft. to play with. You have enough room to put in that theater room or even a themed theater room that you have always dreamed about or that extended child’s play areaor an entertainment area for family, friends and clients.
Put your business or social dreams and ideas into reality:
Everyone has a passion and for the lucky ones, it is when those passions become either a business reality or a social reality to give back to a community. Have you been told you are so creative when it comes to baking or making pastry, then you have an opportunity to put in your own bakery. Are you an artist where you have always wanted to have a community artist studio or colony with an art gallery or a dance or theatrical company, then you have that opportunity.
This is your blank canvas
Roses from the garden
Roses from the Garden
The neighborhood on a warm summer night of the canal and a portion of the downtown. The subject property is about a one minute walk away. Photo by DoorPost Photography.
Check out this short clip of the downtown community
Connecting to the garden area is a Conservation Buffer Zone area along the canal. This area will remain in it's natural state encouraging wildlife species diversity and natural flora to flourish that looks like an extension of the subject property.
Ohio & Erie Canal towpath and the canal running behind the subject property where you can walk, Jog, bike, and walk your dog enjoying the beauty of the canal.
If you have any questions or you are interested in seeing the building, I look forward to hearing from you.