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573-577 Broadway 38,425 SF Retail Building Lorain, OH 44052 $965,258 CAD ($25.12 CAD/SF)

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Executive Summary

A value-add opportunity to own a piece of History in the middle of Downtown Lorain. This National Register of Historic Places the “Eagles Building” is a Neoclassical 4-story rectangular building ready for a fix-up and lease-out as-is or an adaptive reuse on the 2nd and 3rd floors into apartments making this a potential mixed use powerhouse on Broadway. The building currently has two retail and/or restaurant/bar suites on the first floor. The second floor is a large open room with pillars in the middle that was once used for the Fraternal Order of Eagles lodge and activities. The third floor is a ballroom with a stage, mezzanine, and Roman arches windows. This floor could be loft style apartments with abundant natural light and hardwood floors. The architecture is substantially more attractive than a typical commercial-to-apartment conversion. The fourth floor is an open room that could be used for offices or additional redevelopment. There are also freight elevators and a large basement not included in the square footage. The property could have significant tax savings by being in an opportunity zone and could maybe qualify for Federal and State Historic Income Tax credits. The city is investing heavily in creating the infrastructure, waterfront amenities, events, and housing that could allow downtown to become much more valuable. The goal is to connect the waterfront to the walkable Broadway. Lorain is 45 minutes West of Cleveland on Lake Erie where the Black River meets the Lake. Close to everything downtown has to offer including, Palace Theater, Rockin’ On The River, Ariel Broadway Hotel, Lorain Harbor, restaurants, coffee shops, personal services, and professional office. Making the future of downtown Lorain a vibrant mixed use corridor. The Eagles Building is truly a Downtown Lorain staple with remarkable architecture and a unique opportunity to give a historic building a new life.