Based in Broad Street, Columbus, at first glance this property seems to have it all for prospective investors. Firstly, it has 8 floors, a huge basement, 2 lift facilities, and various large rooms. Not only this but the exterior also looks magnificent as it dates back to its original construction in 1924, when it was first built as a hotel. So, what is the catch?
It turns out that this property has a huge catch. As seen in the photos below, it is derelict and its interiors are completely destroyed. Here, it is awash with graffiti, destroyed rooms, and lots of trash. If anything, this is a good example that there is more that meets the eye and just because it makes a good first impression, it doesn’t mean that every property is equally as impressive on the inside.
Because of this, it’s fair to say that if you wanted to fully renovate each room then it would cost a lot more than $3 million. So far, this property has been listed for just shy of 2 months, but it will be interesting to see how it performs in the long run as it will need a very unique sort of buyer to turn this round.
Originally listed on Zillow, it would be a shame for the city of Columbus if this property failed to get renovated. If done correctly, it could be absolutely fantastic both aesthetically and economically for the area. Until then, only time will tell.