Historic Property Redevelopment & Asset Revitalization Project── Andrus Building, Downtown Toledo, OH

俄亥俄州托萊多市（約60萬人）中心的歷史建築「Andrus Building」再開發專案，位於超級市中心區(CBD). 之前前面開發商因故放棄因此再度流入市面. 建築體已通過初步改良並且政府已通過此開發案可減免25萬元之稅負,目前僅需新的開發商再接手. 地址可Google 443 10th St, Toledo, OH 43604. 旁邊是市政府,法院等.可以 30 萬美元的超低成本購入此建築，並附帶 30 個停車位，目標開發為包含高端商業與 10-12 間閣樓公寓的商住混合物業，預計完工後年淨營業收益（NOI）可達 190,260 美元。此專案具備已完成環境評估、位於機會地帶及可申請歷史稅收抵免（HTC）等優勢，目前尋求 50 萬至 200 萬美元的貸款以分期完成翻新。英文摘要如下,若有興趣可與我聯繫(首頁QR Code).此物件大約 14000 Square feet 非常大,依照前手和政府的資料要150萬美金才能開發完畢.但我們可以採用分層開發之方式,投入20萬美金左由從第一層樓先開始做起,其他樓層先封閉.

Historic Property Redevelopment & Asset Revitalization Project

── Andrus Building, Downtown Toledo, OH (Loan Request: $500K - $2M)

1. Investment Highlights & Core Value

• Deeply Discounted Acquisition Cost: The property is priced at only $300,000, which translates to an incredible $21.05 per square foot (SF). This is significantly below market replacement costs, offering a massive margin of safety for the investor.

• Immediate, Turnkey Cash Flow: The acquisition includes an adjacent 30-space paved, secured parking lot. This lot generates immediate monthly rental income, offsetting carrying costs during the pre-development and design phases.

• De-risked Pre-development: The most hazardous and costly preliminary work has already been completed by the previous developer. Asbestos abatement is finished, and both Phase I and Phase II Environmental Site Assessments (ESA) and abatement reports are fully available, allowing for an immediate transition into architectural design and permitting.

2. Prime Downtown Location & Demographic Advantages

The property is strategically located at 443 10th St, Toledo, OH 43604, positioned right in the heart of the Downtown Central Business District (CBD). This is a mature, high-income employment hub with strong, built-in demand:

• Proximity to Fortune 500 Headquarters: The building is surrounded by major corporate headquarters (including global giants like O-I Glass, Owens Corning, and Energy Transfer). Tens of thousands of high-earning corporate professionals commute here daily, providing an affluent tenant base for future residential or commercial spaces.

• The Courthouse District Hub: Located within walking distance of major judicial institutions, including the Federal Courthouse and Lucas County Courthouse. The area is a magnet for high-income professionals such as attorneys, judges, federal employees, and accountants who heavily demand premium downtown loft living and upscale dining.

• Adjacent to Cultural & Educational Anchors: Positioned right near the nationally-acclaimed Toledo School for the Arts. This anchor institution injects vibrant cultural and creative energy into the neighborhood, making the property an ideal candidate for trendy loft apartments or creative mixed-use spaces.

• High Walkability & Scarce Parking Assets: Boasting an excellent walkability score, the building is surrounded by premium dining, cafes, theaters, and hotels. Furthermore, the private 30-space parking lot is a rare commodity in a dense downtown grid, significantly driving up the property's long-term terminal value and leaseability.

3. Government Incentives & Validated Tax Arbitrage

The extraordinary profitability of this deal lies in its ability to layer multiple local, state, and federal government subsidies—a strategy explicitly validated by the Ohio Department of Development (ODOD):

• Historic Tax Credits (HTC)：The building is officially listed on the National Register of Historic Places. According to page 55 of the 2021 Ohio Department of Development Annual Report, (Please search 443 10th St)a prior $1,523,757 redevelopment plan for this exact property ("The Andrus Building") was approved for a $250,000 State Historic Tax Credit (which can be stacked with the 20% Federal HTC). While that specific prior application was cancelled due to the previous developer's internal constraints, it proves government compliance. A new buyer can re-submit a similar plan to reclaim these lucrative tax credits.

• Federal Opportunity Zone: Situated entirely within a designated Opportunity Zone, allowing investors to qualify for substantial Capital Gains Tax deferral, reduction, and elimination benefits.

• Local Vibrancy Grants: Seamlessly aligns with the City of Toledo’s Economic Development initiatives, opening doors to secure additional local structural and commercial revitalization grants.

(Note: The official government report can be verified directly at: Ohio Department of Development 2021 Annual Report )

4. Development & Renovation Strategy

The property is a 3-story historic building totaling 14,250 SF (approx. 4,750 SF per floor) with dramatic 12-foot slab-to-slab heights, currently sitting in a clean shell condition. We intend to execute a high-yield Mixed-Use / Multi-Family redevelopment:

• 1st Floor (4,750 SF): Premium commercial/retail space targeting an upscale restaurant, boutique café, or a high-end co-working hub to capture the immediate courthouse and corporate demographic.

• 2nd & 3rd Floors (9,500 SF): Conversion into 10–12 luxury, historic-style Loft Apartments, heavily tailored toward high-income corporate professionals, legal practitioners, and educators working downtown.

5. Capital Request & Use of Funds (Requested: $500,000 - $2,000,000)

We are seeking a debt facility between $500,000 and $2,000,000, to be deployed in structured, milestone-based draws:

• $300,000: Immediate property acquisition and title transfer.

• $200,000 - $500,000: Architectural engineering, historic preservation compliance filings, and initial structural framing.

• Remaining Balance: Dedicated entirely to MEP (Mechanical, Electrical, Plumbing) infrastructure, interior buildouts, and high-end finishes through to tenant lease-up.

6. Risk Mitigation & Exit Strategy

• Asset-Backed Security: The loan will be fully collateralized and secured by a first-position lien on the physical real estate asset, including the 3-story brick building, downtown land, and the lucrative 30-space parking lot.

• Traditional Refinance Exit: Upon completing construction and stabilizing tenant occupancy, the asset's valuation is projected to surge. We will exit this bridge loan by executing a permanent commercial real estate refinance with a traditional tier-1 bank.

• Tax Credit Paydown: Approved State and Federal Historic Tax Credits will be monetized post-construction, providing an immediate liquidity injection to either pay down principal or further capitalize the asset.

PROJECTED MARKET VALUE (PMV) & FINANCIAL PRO-FORMA

Project Name: The Andrus Building Redevelopment

Location: 443 10th St, Downtown Toledo, OH 43604

Part 1: Gross Potential Revenue (GPR) Breakdown

This section details the stabilized annual income generated from the three separate revenue streams of the asset.

Revenue Stream	Unit / Space Breakdown	Monthly Income	Annual Subtotal	CRE Market Assumptions & Notes
1st Floor Commercial	1 Prime Retail/Restaurant Space (4,750 SF)	$7,916.67	$95,000.00	Blended rate of $20.00/SF (NNN) for Downtown Toledo CBD.
2nd & 3rd Floor Residential	12 Luxury Historic Loft Apartments	$14,250.00	$171,000.00	Pro-forma rent of $1,187.50/month per unit (Avg. 790 SF/unit).
Secured Parking Lot	30 Paved & Gated Dedicated Spaces	$3,000.00	$36,000.00	Premium rate of $100/month per space (highly scarce in CBD).
TOTAL GPR	Gross Potential Revenue	$25,166.67	$302,000.00	Total maximum revenue potential at 100% occupancy.

Part 2: Net Operating Income (NOI) Calculation

This section applies standard commercial real estate vacancy factors and operating expenses to derive the true net cash flow.

Line Item	Percentage / Factor	Annual Amount (USD)	CRE Financial Explanation
Gross Potential Revenue (GPR)	—	$302,000.00	Total potential top-line revenue from Part 1.
Less: Vacancy & Collection Loss (V&C)	7.0% of GPR	(-$21,140.00)	Standard underwriting allowance for turnover and bad debt.
Effective Gross Income (EGI)	—	$280,860.00	The actual anticipated cash collected by the property.
Less: Total Operating Expenses (OpEx)	~32.2% of EGI	(-$90,600.00)	Itemized below (Property Tax, Insurance, Management, Maintenance).
NET OPERATING INCOME (NOI)	—	$190,260.00	The ultimate metric used by lenders to underwrite debt capacity.

📑 Operating Expenses (OpEx) Itemized Breakdown:

• Property Taxes (Post-redevelopment): $28,000.00 (Mitigated by historical structures tax caps)

• Property & Casualty Insurance: $14,500.00

• Property Management Fee (8% of EGI): $22,468.80

• Maintenance, Janitorial & Utilities (Common Areas): $18,000.00

• CapEx Reserves / Replacement Fund: $7,631.20

Part 3: Projected Market Value (PMV) & Return Valuation

This section utilizes the Income Capitalization Approach to prove the terminal value of the asset and the loan's safety margin.

Valuation Metric	Formula / Approach	Value / Percentage	Financial Justification & Deal Logic
Stabilized NOI	Net Cash Flow	$190,260.00	Derived from Part 2.
Market Capitalization Rate	Cap Rate	7.50%	Standard market yield for Class-C to Class-A adaptive reuse in Toledo.
Projected Market Value (PMV)	NOI ÷ Cap Rate	$2,536,800.00	The certified appraisal estimate upon project stabilization.
Total Development Cost (TDC)	Acquisition + Renovation	$1,500,000.00	$300K Purchase Price + $1.2M Renovation CapEx (covered by loan).
Net Value Created (Profit)	PMV - TDC	$1,036,800.00	Pure equity generated, creating a 40.8% asset cushion.
Loan-to-Value (LTV) Profile	At Max Loan ($2M)	78.8%	LTV drops drastically as equity builds, proving debt security.

💡 Strategic Summary to Present to Your Investor:

"By securing a bridge facility between $500,000 and $2,000,000, we are purchasing a downtown asset at a rock-bottom basis of $21/SF. As shown in the PMV Sheet, by leveraging the pre-cleared environmental status and applying a $1.2M renovation budget, we will transform a vacant shell into a cash-flowing $2.53M mixed-use asset. This gives your loan an immediate, massive safety cushion of over $1 Million in created equity, and guarantees a clean exit via a traditional commercial bank refinance within 18 to 24 months."