243 -245 E Main Street, Alliance, OH 44601

Property Description

Highly visible downtown 29 unit apartment complex within 2 parcels in the heart of Alliance. Property management office is first floor tenant. This building, known as the Wallace Building is being offered as a bulk sale with the Bank Building, (additional 14 units) located at 500 E. Main St. down the street from the subject property. Broker is the managing member of the partnership ownership. SELLER MAY CONSIDER SEPERATING THE TWO PROPERTIES FOR A SALE, AT SELLER'S OPTION ONLY. These buildings, with 43 apartment units, were part of a larger low income housing tax credit portfolio, the seller owned. The properties were 100% updated and modernized at LIHTC inception approx. 23 years ago. All maintenance has been kept up over the years. The common area commercial hot water tanks were recently replaced. All exterior sidewalk ramp and retaining wall was replaced at the Bank Building. Tenant units have been repaired and updated at tenant vacating each time. Seller has received authorization from OHFA to remove these properties from all rent restrictions as of this August 2024! Because of this, buyer can immediately charge higher rents to any new incoming tenants. Wallace Building has 3 retail storefront spaces to lease for additional revenue.