Warehouse on the Canal Where dreams do come true, where living and business can come together. If you owned this, you would be at both home and work by now
Lower level that opens up directly to the garden area and the Ohio & Erie Canal
THE WAREHOUSE ON THE CANAL BUILDING:
A WATERFRONT COMMERCIAL FREE STANDING BUILDING with expansion capabilities.
RETAIL AND MULTIPLE USE DIVERSITY OPTIONS including: restaurant/bar, bistro and bakery, entertainment center, wine or beer garden, medical and other health services, etc.
DEVELOP AS APARTMENTS OR CAPITALIZE ON THE HOSPITALITY OPPORTUNITIES including a Hotel, Bed and Breakfast Inns, Tourism and Event Planning.
USE THE BUILDING AS YOUR RESIDENCE AND PUT YOUR BUSINESS IDEAS, PASSIONS AND DREAMS INTO REALITY and start that business you have always wanted whether a coffee shop, dance or art studio, theatrical playhouse, flower shop, antique or apparel store, child and adult day care center and maybe even a church, etc.
Included is an existing garden area that is approximately 37’ x 80’ or 2960 sq. ft. that also has the B-1 use group where the lower level opens up too creating the opportunity to combine for a beer or wine garden with outdoor dining and entertainment where this area butts up too a Conservation Buffer Zone that is part of the canal lands to increase species diversity where no vehicles are allowed for safety. Included in the price is a side yard currently being used as a rose and flower garden If you are going to be needing expansion space, this garden area could accommodate an approximate 12,000 sq. ft. building increasing the total square footage from 21,120 to approximately 33,120 sq. ft. NOTE: What makes this garden area so unique for any of the possible uses is that it has "Direct Access" to the canal waters. This amenity was granted back in 1906 when the building was built and according to the Ohio & Erie Canalway organization, this garden area may represent the only commercial development site along the entire 110 mile long Ohio & Erie Canal Corridor that cuts through five (5) different counties that has "Direct Access" to the canal. Combine this feature with the fact that of the 2.5 million people who visit the 110 mile long canal each year 52% or 1.3 million people use the canal/towpath that runs right behind the building allowing the opportunity to dominate the canal market niche.
Building Description: Versatile brick building Zoned B-1 General Retail Office Districtwith the first floor and lower level having an A-1 use group (Assembly) designation allowing for greater use flexibility and occupancy density. 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.
There is a 2,000 lb. capacity freight elevator serving all floors that is up to code and with the required certifications and inspections.
BUILDING STRUCTURE: There are no known structural defects. The building has been built with heavy timbers and brick reminiscent of the good old days and any settling that would have occurred would have happen a long time ago as the building was built in 1906.
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.
PLUMBING: The building is mainly copper and PVC. Galvanized pipe in one open area of the lower level.
SPRINKLERS: With the existing zoning and with the fact that the building is less than 6 stories in height, no sprinklers are required and the building would be considered as being grandfathered in.
ROOF: The life of the roof has been extended through maintenance and repairs with an aluminum type reflective coating. Access to the roof and elevator room is from the third floor by way of a fixed wooden stair.
WALLS: The majority of all walls through the building are exposed brick.
TWO SEPARATE ENTRANCES into the building from the front of the building off of the main street.
HVAC: Two separate units on the first floor, three separate units on the second floor with no units serving the third floor. Although the lower does not have a separate unit of it’s own the ductwork serving the first floor runs through it where vents have been added that allows for the lower level to be cooled or heated from the first floor units.
CEILING HEIGHT: Approximately 13.5’ on the first floor, 9’10” on the second floor, the third floor roof slopes for roof water drainage from 9’2” to 7’2” and 9’ on the lower level.
CEILINGS: The majority of the ceilings throughout the building appear to be the original tin ceilings.
FLOOR: First floor has a finished wood surface with the balance of the building having a slatted wood floor that has been covered with carpet or naturally finished or painted in areas. If all of the carpet is removed the wood can be restored to a very nice finish as one area of the second floor has been done.
STAIRS connecting all floors from the third floor to the lower level.
Mezzanine: 400 sq. ft. - THIS AREA IS NOT INCLUDED IN THE TOTAL SQ. FT. AND WOULD BE CONSIDERED AS A BONUS AREA AS IT REPRESENTS AN EXTENDED LANDING AREA CONNECTING THE STAIRS BETWEEN THE 1ST AND 2ND FLOORS. THIS AREA IS BUILT OUT WITH WINDOWS OVERLOOKING A PORTION OF THE FIRST FLOOR AND IS CURRENTLY USED BY THE SELLER AS THEIR OFFICE AND CONFERENCE ROOM.
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 that allows for greater customer density uses. Occupancy ratings for one portion of the first floor is 128 people with tables and chairs and 276 people with chairs only and standing, another portion 91 people with tables and chairs and 195 people with chairs only and standing and the final area allows for 42 people with tables and chairs and 91 people with chairs only and standing. Combined total: 261 people with tables and chairs and 562 people with chairs and standing.
PARKING: There is free diagonal and parallel parking along the street running in front of the building that can be viewed by clicking on the Street View button along with parking along the side streets and there currently is a public parking lot leased by the City of Canal Fulton kitty-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 to accommodate larger users requiring additional parking.
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.
Instrument No. 200210090081258 - (Parcel #1) and (Parcel #2)
View out of the above window looking at the Ohio & Erie Canal
The building is located in the Stark County Canal Corridor section of the 110 mile long canal corridor that attracts 1.3 million of the total 2.5 million visitor's annually enjoying a reputation as a destination location for Outdoor Recreation, Cultural and Heritage tourism and Eco and Wildlife tourism and part of the $408 million spent annually in consumer spending. As important as the bricks and mortar of a building is, equally as important is the safety and quality of life amenities and services for your family, your children growing up and for your employees. Accessibility to major freeways and with crime rate statistics being substantially less than the national averages. 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 that has unique and desired features such as:
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 is located within the Stark County Canal Corridor that is under the management of Stark Parks that acts like the hub of a wheel where the spokes connect to more than 26 different communities where Stark Parks is celebrating it’s 50 years of history and proudly manages 14 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 are 1200 acres of ponds, lakes and reservoirs for fishing with some of the best breeding areas for game fish.
LOCATION, LOCATION, LOCATION where it is a small town community with crime rates that are substantially less than the national office.
Waterfront property 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.
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.
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.
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.
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.
Ohio Historic Preservation Tax Credit Program:
The downtown Historic District is listed on theNational Register of Historic Places and qualifies for the HistoricPreservationTax Credit Program.
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: $1 million spent on approved QREs x 45% = $450,000 in tax credits is an investors dream.
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.
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.
Contact information Lisa Brownell Program Manager Office of Strategic Business Investments Business Services Division (614) 752-2345 Lisa.email@example.com
Sale Price - $1,250,000
REPLACEMENT COST - $1,777,500 vs. selling price - $1,250,000 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. $59.19 sq. ft. sale price vs. $84.16 sq. ft. replacement cost.
MARKET RATES: Office: $74.18 sq. ft. Retail: $77.80 sq. ft. For comparison the sale price is $59.19 sq. ft.
The building for classification is considered a class B due to it's condition and location as identified by CoStar and LoopNet.
THE NEIGHBORHOOD: Within both a short leisurely walk and drive by car there are gas stations, schools, churches, laundromat, restaurants and taverns, coffee shop, library, city park, specialty shops, ice-cream shops, candy store, post office, tea room, bike store and more.
Note: THE EXISTING tables, chairs, staging area, most of the fixtures, props, furniture, walk in freezer, walk in refrigeration, kitchen equipment and cabinets CAN BE MADE AVAILABLE in part or whole in a separate agreement from the purchase price.
WHY ARE WE SELLING?
If I were reading this information that sounds pretty exciting with multiple opportunities for business, family and employees, I would ask then why are you selling? Our daughter and her family live 150 miles away. Our youngest grandson who is almost 3 years old has a rare genetic disorder and has already been diagnosed as being a "Special Needs" child who will require a substantial amount of assistance and therapy to be able to learn functional capabilities. Because of the special care he receives, our daughter is unable to move closer to us, therefore; we are moving to help our daughter and grandson by passing along the incentive to purchase at considerably less than the market rates for a more timely sale.
Potential 650 sq. ft. apartment or living area
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.)
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? Waiting for Santa for the 2017 Christmas on the Canal celebration.
Christmas on the Canal community celebration video
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: This is your blank canvas
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.
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.