16 N Main Street, London, OH 43140 (MLS# 226021790)

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16 N Main Street, London, OH 43140

$300,000

Property Type: Multi-Family Lot Size (sq. ft.): 8,712 Status: Closed

Current Price: $300,000 List Date: 6/15/2026 Last Modified: 8/25/2026

Overview

Description

16 North Main Street offers investors a value-add opportunity through the adaptive reuse of an underutilized commercial asset in downtown London, Ohio. While the Property is currently zoned and operating as an office, prior ownership has already advanced meaningful interior reconfiguration toward residential use. This partial repositioning provides a head start on what would otherwise be a longer-horizon business plan, allowing a new owner to capture the conversion delta with greater speed and capital efficiency than a comparable ground-up reuse opportunity. The investment thesis is anchored in a clear shift in highest and best use from office to multifamily. Underwriting contemplates eleven one-bedroom residential units generating in excess of $8,000 in monthly rental income at approximately $750 per unit. A figure that meaningfully outperforms the seller's office-based pro forma of roughly $4,400 per month. The resulting income uplift is driven by both the expansion in revenue-gener ... (Read more)

Listing Details MLS# 226021790

Location Property Info

Original List Price: 300000
Property Sub Type: Flat
Street #: 16
Street PreDirection: N
Street Name: Main
Street Suffix: Street
County: Madison
State: OH
Zip Code: 43140
School District: LONDON CSD 4903 MAD CO.
Township: None

OfficeContract Info

MLS Entry Date: 2026-06-15

General Property Info

Number of Units: Yes
# of Buildings: Yes
Building Sqft: 5684
Year Built: 1933
Built Prior to 1978: Yes
Lot Size (Side): 132
Acreage: 0.2

Tax Info

Parcel #: 31-02305.000
Tax Year: 2025
Tax Abatement: No

Status Change Info

Under Contract Date: 2026-07-20
Sold Date: 2026-08-21
Sold Price/SqFt: 52.78

Auction Info

Auction/Online Bidding Y/N: No

More Information

Sale Info

Seller Assisted Fin: Y

Location & Property Info

List Price/SqFt: 52.78
City (Mailing Addr): London
Corp LimitPerAuditor: London

Office/Contract Info

For Sale: Yes
Exchange: No

Remarks & Misc

Property Description: 16 North Main Street offers investors a value-add opportunity through the adaptive reuse of an underutilized commercial asset in downtown London, Ohio. While the Property is currently zoned and operating as an office, prior ownership has already advanced meaningful interior reconfiguration toward residential use. This partial repositioning provides a head start on what would otherwise be a longer-horizon business plan, allowing a new owner to capture the conversion delta with greater speed and capital efficiency than a comparable ground-up reuse opportunity. The investment thesis is anchored in a clear shift in highest and best use from office to multifamily. Underwriting contemplates eleven one-bedroom residential units generating in excess of $8,000 in monthly rental income at approximately $750 per unit. A figure that meaningfully outperforms the seller's office-based pro forma of roughly $4,400 per month. The resulting income uplift is driven by both the expansion in revenue-generating unit count and the structural rent premium that residential commands over legacy office in this submarket. Combined with broader secular tailwinds favoring small-format housing in tertiary Ohio markets and the ongoing softening of suburban office fundamentals, 16 North Main Street represents a high-conviction conversion play with a defined execution path, attractive yield-on-cost, and significant embedded upside relative to the current basis. The property is part of a larger Central Ohio Investment Portfolio available for purchase. The full portfolio is 133 units assembled across 34 individual residential and mixed-use properties in London, Ohio (Madison County) and Washington Court House, Ohio (Fayette County). The portfolio was acquired and renovated between 2018 and 2022. Please see the attached file that breaks down the offering in tranches.

Income/Expenses

Gross Income: 105000
Net Operating Income: 0
Total Expenses: 0

Addl Acceptance Cond

None Known: Yes

Sewer

Public Sewer: Yes

Services Available

Electricity Available: Yes
Natural Gas Available: Yes
Sewer Available: Yes
Water Available: Yes

New Financing

Conventional: Yes
Owner Financing: Yes
Other: Yes

MLS Primary PhotoSrc

Realtor Provided: Yes

Property Features

Addl Acceptance Cond: None Known Sewer: Public Sewer Services Available: Electricity Available; Natural Gas Available; Sewer Available; Water Available New Financing: Conventional; Owner Financing; Other MLS Primary PhotoSrc: Realtor Provided

Documents

Full Portfolio - 133 Units ›

Listing Office: Verti Commercial Real Estate L

Listing Agent: Brett A Ludwig

Last Updated: August - 25 - 2026

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