Building For Sale
Up until mid-2021 both the brokerage community and the County Auditor did not include the basement as part of the rental area of a building. As an example: An investor would buy a 3-story 12,000 SF building where floors 1-2 had 4,000 SF each and the basement also 4,000 SF. If the purchase rate was $20 SF X 12,000 SF = $240,000 purchase price where only 8,000 SF (Floors 1-2) were rentable and the basement (4,000 SF) non-rentable. The effective purchase price of the rentable SF would then be $240,000 divided by 8,000 = $30 SF or a 50% increase over the rate used to purchase the building with.
You would be buying a 12,000 SF building to generate income off of 8,000 SF of lease-able space that determines the income potential of the building, impact on the net operating income, the current value of the building and the projected proforma of future value that would be used to refinance or to sell. In essence, you paid 100% to be able to use only 67%?
You would be buying a 12,000 SF building to generate income off of 8,000 SF of lease-able space that determines the income potential of the building, impact on the net operating income, the current value of the building and the projected proforma of future value that would be used to refinance or to sell. In essence, you paid 100% to be able to use only 67%?
Think Backwards: The More Things Change, The More They Stay the Same
The basement is now included as part of the total SF of the building that is being purchased or sold where it is up to a buyer or the buyer's agent to be on their toes to now back out the non-usable basement SF to really see exactly what they are buying in a building or property.
The basement is now included as part of the total SF of the building that is being purchased or sold where it is up to a buyer or the buyer's agent to be on their toes to now back out the non-usable basement SF to really see exactly what they are buying in a building or property.
When it comes to our building, this is not the case. The basement has the Use Group of B and A-1 which is the same as the 1st floor which means that the Permitted Uses on the first floor are the same on the basement/lower level. The current maximum occupancy of the lower level is 100 people, but remember this lower level directly connects to the outside garden area.
In summary: For those who were to buy our building, the sale price is for 21,120 SF of rentable space and there is no deduct for the basement which then means the buyer will end up getting 5,280 rentable SF more by not paying anything more than the agreed upon sale price. Take this rentable SF multiplied times the SF rental rate capitalized and you will see the benefit that this building offers that other buildings are unable too.
The building has a rating of 3 stars out of 3 stars -CoStar
Historic Tax Credits Available: The Ohio Historic Preservation Tax Credit provides a state tax credit up to 25 percent 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 with a maximum $5 million in Ohio state tax credits. EX: $100,000 spent on approved QREs x 45% = $45,000 or $1 million spent on approved QREs x 45% = $450,000 in tax credits, etc.
The tax credit can be applied to applicable financial institutions, foreign and domestic insurance premiums or individual income taxes.
Seller can move out of the building in 30-45 days from date of close of sale.
State Historic Preservation Office (SHPO) Pre-App Meeting Request Deadline: January 31, 2023 by 5:00 pm.
Intent to Apply Submission Deadline and Deadline to Hold SHPO Pre-Application Meeting: February 15, 2023 by 5:00 pm.
The tax credit can be applied to applicable financial institutions, foreign and domestic insurance premiums or individual income taxes.
Seller can move out of the building in 30-45 days from date of close of sale.
State Historic Preservation Office (SHPO) Pre-App Meeting Request Deadline: January 31, 2023 by 5:00 pm.
Intent to Apply Submission Deadline and Deadline to Hold SHPO Pre-Application Meeting: February 15, 2023 by 5:00 pm.
Hotel
Bed & Breakfast Inns
Rented apartments over businesses
Waterfront Hospitality Opportunities
Conditionally Permitted Uses
Bed & Breakfast Inns
Rented apartments over businesses
Waterfront Hospitality Opportunities
Conditionally Permitted Uses
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WHEN IT COMES TO WHERE YOU LIVE AND WORK, some like the feel of concrete and asphalt under their feet with a busier life style whereas others, welcome the calm and comfort of nature and the good old fashion values.
Dedicated fiber services:
High Speed Fiber Optic Synchronous Bandwidth Speeds up to 1Gbps
Internet Connectivity Available to the building
High Speed Fiber Optic Synchronous Bandwidth Speeds up to 1Gbps
Internet Connectivity Available to the building
The side-yard Property with an area of approximately 3,000 SF is included with the sale of the building at no additional cost.
This area is currently used as a garden and previously used as an entertainment area with meals and cocktails served that directly connects to the lower level that has a B and A-1 Building Use where a restaurant, bar, micro-brewery among others can be located. This area abuts to the Conservation Buffer Zone that is part of Stark Parks to allow for Species Diversity that will always remain open and undeveloped.
Expansion Development Potential: The lot dimensions are approximately 37’ x 80’ or 2960 SF that would allow a building of about 7500 SF calculated at 2960 SF times 2.55 Floor area Ratio (FAR). This could be a separate building or an expansion to the existing building.
Potential Outdoor Deck: Statistically about a quarter (24%) of Americans list outdoor dining as one of their most important factors when going out to a restaurant. As the Covid restrictions lessen, municipalities are taking back parking spaces, alleys, common areas, etc. that were previously allocated on a temporary basis to be used by restaurants for outdoor dining to help address the challenges during the height of the pandemic.
Putting Outdoor Dining/Drinking in your own hands: With the approximate 3,000 SF deck shown, this deck will extend about 80 feet towards the canal waters and has the potential of seating upwards of 150-200 people. There can be ingress/egress cut outs through the brick wall and there can be allowed access points directly off of the public sidewalk. The downtown has a DORA (Designated Outdoor Refreshment Area) designation and the building is within the approved boundaries. Not all downtown communities have this designation.
Expansion Development Potential: The lot dimensions are approximately 37’ x 80’ or 2960 SF that would allow a building of about 7500 SF calculated at 2960 SF times 2.55 Floor area Ratio (FAR). This could be a separate building or an expansion to the existing building.
Potential Outdoor Deck: Statistically about a quarter (24%) of Americans list outdoor dining as one of their most important factors when going out to a restaurant. As the Covid restrictions lessen, municipalities are taking back parking spaces, alleys, common areas, etc. that were previously allocated on a temporary basis to be used by restaurants for outdoor dining to help address the challenges during the height of the pandemic.
Putting Outdoor Dining/Drinking in your own hands: With the approximate 3,000 SF deck shown, this deck will extend about 80 feet towards the canal waters and has the potential of seating upwards of 150-200 people. There can be ingress/egress cut outs through the brick wall and there can be allowed access points directly off of the public sidewalk. The downtown has a DORA (Designated Outdoor Refreshment Area) designation and the building is within the approved boundaries. Not all downtown communities have this designation.
Canal Waterfront Building
21,120 SF GLA (Gross Leasable Area)
Canal Waterfront - Free Standing Building.
Zoning B-1 General Retail-Office with the first floor and the Lower Level additionally having an Assembly Group A-1 and B Use Group designation.
The lower level has direct access to the garden area, opening up additional possibilities to expand into outdoor dining and entertainment options.
Existing Outdoor Garden Area-Potential 7500 SF Expansion Possibility based on Building FAR-2.55. This land has direct access to the canal waters that was granted back in 1906 that is the same as the main building.
Abutting up to this garden area is the Conservation Buffer Zone that is part of the canal lands to increase species diversity where this area along the canal will always remain open.
2,000 lb. Freight Elevator Serving All Floors.
Electrical service: 400 amp – single phase service
3-phase service available.
No. Stories: 3 + lower level
Year Built: 1906
Brick walls with solid wood beams for support.
Lot Size: 0.19 AC
APN/Parcel ID: 09502062
21,120 SF GLA (Gross Leasable Area)
Canal Waterfront - Free Standing Building.
Zoning B-1 General Retail-Office with the first floor and the Lower Level additionally having an Assembly Group A-1 and B Use Group designation.
The lower level has direct access to the garden area, opening up additional possibilities to expand into outdoor dining and entertainment options.
Existing Outdoor Garden Area-Potential 7500 SF Expansion Possibility based on Building FAR-2.55. This land has direct access to the canal waters that was granted back in 1906 that is the same as the main building.
Abutting up to this garden area is the Conservation Buffer Zone that is part of the canal lands to increase species diversity where this area along the canal will always remain open.
2,000 lb. Freight Elevator Serving All Floors.
Electrical service: 400 amp – single phase service
3-phase service available.
No. Stories: 3 + lower level
Year Built: 1906
Brick walls with solid wood beams for support.
Lot Size: 0.19 AC
APN/Parcel ID: 09502062
Akron-Canton Regional Airport:
10.6 miles from the building.
Accessibility to major freeways:
1 mile to State Route 21.
8 miles to Interstate 77.
Waterfront property:
Commercial waterfront property has been shown to be 35% higher in value than similar non-waterfront property.
Parking:
All Permitted Uses within the zoning are entitled to park on any of the designated city free parking spaces whether on the city streets or in the city lots. Currently all of the parking on the city streets downtown are free. Located kitty-corner to our building at the corner of Canal St. and E. Market is a parking lot that the city rents from a private party. Parking in that lot is free. Parking for Conditionally Permitted Uses will be off-street in accordance with the Codified Ordinance.
The City Zoning of a B-1 General Retail Office District
You will find is different and unique in that the Permitted Uses are not specific to only Retail and Office as is typically the case whereas Canal Fulton includes a unique combination of different uses from multiple different Business Use Groups that allows for the opportunity to be flexible and adaptable in order to capitalize on trending business targets within the market.
Look at the possibility of the business opportunities or personal pleasure that you have available to you beyond just Office and Retail uses, that is almost like buying several buildings in one.
CHAPTER 1169 of the City's Codified Ordinance
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:
A. Drugs.
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.
K. Restaurant.
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:
A. Bank.
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:
Personal services such as barber and beauty shops, shoe repair shops, laundry and dry cleaning.
B. Business services such as advertising agencies, 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.
(9 Signs-as regulated by Chapter 1181.
(Ord. 22-1972. Passed 8-1-72; Ord. 25-92. Passed 5-19-92.)
(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 use 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.)
(5) Rented apartments above businesses.
(Ord. 25-05. Passed 11-15-05.)
(6) Amusement arcades with adequate off-street parking.
(Ord. 5-87. Passed 2-23-87.)
(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.)
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:
A. Drugs.
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.
K. Restaurant.
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:
A. Bank.
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:
Personal services such as barber and beauty shops, shoe repair shops, laundry and dry cleaning.
B. Business services such as advertising agencies, 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.
(9 Signs-as regulated by Chapter 1181.
(Ord. 22-1972. Passed 8-1-72; Ord. 25-92. Passed 5-19-92.)
(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 use 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.)
(5) Rented apartments above businesses.
(Ord. 25-05. Passed 11-15-05.)
(6) Amusement arcades with adequate off-street parking.
(Ord. 5-87. Passed 2-23-87.)
(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.)
First floor: The first floor is divided up into two main halves. There is a former bar. There is a small kitchen with a 3-compartment sink with a separate electrical panel with dedicated outlets serving the kitchen area and a portion of the first floor. 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 slope sink, two (2) separate HVAC units. The bar area has a separate entrance that serves as the ADA street level entrance to the building. One half of the floor is separately metered for electric and gas. Note: there is a separate gas meter service to the first floor and a separate gas meter to the second floor. One half of the first floor has a gas meter where the other half represents the gas meter usage minus the metered portion. 
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Mezzanine: For some reason although this approximately 400 sq. ft. area exists, it is not included in the overall total sq. ft. of the building. Perhaps it is considered as just a landing to the second floor without any leasable use and currently this area is used as the office of the building owner.
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Second Floor: The second floor is subdivided into three (3) separate areas each with its dedicated HVAC units. Two (2) restrooms, one of which includes a shower, 9 feet 10 inches ceiling height with original tin ceilings. Two (2) of the areas are sub-metered for gas and electricity (one also for water). In the third area the gas usage is the difference from the deducted meter usage from the other two spaces. Note: there is a separate gas meter service to the second floor only. Another entrance into the building off of the main street is up a flight of stairs emptying on the second floor. This is the 2nd exit from the second floor.
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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 for other permitted and Conditionally Permitted uses in the event a second exit can be added such as another exterior stairwell. There are portable ladders that could be added. The roof slopes from 9 feet 2 inches to 7 feet 2 inches ceiling height. There is no HVAC, no plumbing, and minimal electrical is for some lighting only. The floor is wide open space.
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Outdoor Garden: Nestled along the Ohio & Erie Canal this garden area provides for an intimate and versatile setting where it has been used previously for music concerts, movies in the garden, tea parties that make you feel as though you are on vacation in a special place. This garden area has direct access to the canal waters. The garden area can accommodate seating for over 100peope with tables and chairs. It is less than a one-minute walk to the towpath that is popular to walk, jog or bike. Abutting this area is a Conservation Buffer Zone part of Stark Parks to allow for Species Diversity.
Expansion Development Potential: If someone does not need the existing garden area but needs some building expansion space this area of approximately 37’ x 80’ or 2960 sq. ft. would produce a building of about 7500 sq. ft. calculated Floor area Ratio (FAR) = 2.55. Note: This site might be the only available commercial development location with direct access to the canal waters along the 110-mile canal corridor. If someone is interested in a hospitality location, there are no hotels between the cities of Akron and Dover a distance of 50 miles with direct access to the canal representing an opportunity for a hospitality operator. The property is Conditionally Permitted for hotel use. |
Lower Level: From the first floor there is a set of stairs to access the lower level. The lower level has a total of three (3) direct exterior doors, two of which along with a garage door have direct access to the outdoor garden area. Subdivided into three (3) areas, one of which has a walk-in freezer and a walk-in refrigerator located in it. This area does not have its own HVAC unit. The first floor is divided up into two separate areas and their HVAC units and duct-work are located in the lower-level corresponding underneath to the first-floor locations. Vents have been cut within the duct-work to allow for heating and cooling to the lower level providing the corresponding first floor units are running on the first floor. The ceiling height is approximately 9 feet.
Note: A lower level typically can only be used for storage purposes whereas this one enjoys having the same B-business and A-1 use group as the first floor in that what the first floor can be used for so can the lower level. There are no restrooms. The lower level has a Certificate of Occupancy with a Use Group B and A1, the same Use Group as the first floor. The occupancy capacity is 100 people. The lower level opens up and has direct access to the outdoor garden that could be used for a dining/drinking/entertainment area. Adjacent to this area is the Conservation Buffer Zone to allow for species diversity that will always remain open and undeveloped as it is part of the canal lands. Stairs connecting all floors from the third floor to the lower level. Freight elevator servicing all floors from the third floor to the lower level. |
Yes, Virginia there really is a Santa Clause
Who has an 18 piece orchestra for their party in their own building/home?
In the photo it is estimated the painted-on signage to be circa around 1915 showing the "Chew Honest Scrap" sign and although over 100 years old 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.
Circa about 1915
Opportunities of closing off the street in front of the building to expand events. This event was for those who wanted to share what they learned in a one-week song and dance camp where there were over 250 people to cheer them on through love and support.
From students and young people to major corporations, our popular Team Building and Escape Room programs featuring the Fear of the Unknown theme is making an impact.
Weddings, Entertainment, Tourism, Events and More
This Price is well below market.
Off-Market for the past 1695 days
Off-Market for the past 1695 days
This is an off-market sale, however: Broker cooperation is accepted.
If you have any questions regarding the building, please fill out the Contact Information below.
If you have any questions regarding the building, please fill out the Contact Information below.
Warehouse on the Canal
239 N. Canal St. (Downtown-Historic District)
Canal Fulton, Ohio 44614
