421 Main St, Medina, NY 14103

-- beds-- baths12,672 sqft Edit

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Off Market
Zestimate®: $115,405
Rent Zestimate®: $1,602/mo
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My Notes

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RARE OPPORTUNITY !!! Boutique Luxury Hotel Conversion Potential - No competition for miles and plenty of corporate companies within a 10-mile radius.
Three-story landmark building, will be delivered vacant at closing, currently utilized as an Art Gallery.
Projected income based on utilizing the main floor as retail at $5/SF (Market rates is $8/SF) and upper floors as office space at $4/SF (Market rate is $7/SF).
Cap rate comes out to 14.5% after expenses.
If utilizing market rents at $8 & $7 respectively, cap rate comes out to over 30 %
Owner Will Finance Up To 50% .
Located along Main Street and backing to the Erie Canal, this historical property is a perfect conversion to a luxury boutique hotel, apartments, offices, antique mall, live/work artist loft space, restaurant, bakery, grocery store, etc. The building consists of three stories plus a lower level that opens up to the Canal side, over 12,600 SF of usable space, high ceilings, brick and stone construction, built circa 1860's and contains an operational elevator. Plenty of parking along Main Street as well as common area spaces in the rear. Very well maintained structure. The property may be delivered vacant at closing, presently it is occupied by a single tenant who utilizes the space as an art gallery.
Owner-financing is available with only 50% down and the balance over 30 years at 8.9% interest.
Financial Summary
Actual
Net Operating Income$45,087
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Facts

  • Lot: 3,200 sqft
  • Multi Family
  • Built in 1860
  • Views: 171 all time views

    Other

    • Floor size: 12,672 sqft
    • Zillow Home ID: 2118452658

    Zestimate Details

    Zestimate
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    $115,405
    -$4,190 Last 30 days
    $81K
    $155K
    Zestimate range
    Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

    The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
    $1,602/mo
    -$62 Last 30 days
    $897
    $2.6K
    Zestimate range

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