May 15, 2017

Downtown Willoughby is famous as the location of the historic US Bank building. The spectacular building is now available for sale. If you are looking for bank buildings for sale, this one is a property that you should consider.

The exact location of the building is 4084-4098 Erie St.

Built in 1901, the building has 18 apartments, a wine bar, restaurant, a bank, and jeweler. The office space there is something to talk about.

The present owner of this iconic building, Jim Danford, sees the building as a “labor of love”.

Danford and his brother, Robert, bought the property back in 1983. Since then, they have been preserving this historic structure’s elements.

“I loved the property from the day I saw it,” said Danford when asked about his feeling about the building. Obviously, there are many bank buildings for sale; but only a few can be a match for this.

The bank building boasts historic architectural properties like glass cabinetry, milled woodwork bay windows, old steam radiators, and original claw foot bathtubs.

It has been 37 years since the brothers purchased this real estate gem. Now they want to retire, and so, listed the property for sale at $2.6 million.

Local councilman Christopher W. Woodin believes that the whole process will bring a positive change in the city.

“If someone is willing to come into the city and spend $2.6 million on a historical building, we can only expect to see great things,” he said.

The building has the opportunity to be turned into an inn, upon buying. And many in the area think that would be something ideal.

According to a resident, turning it into an apartment complex would be problematic, as the establishment will be affected by noises from nearby bars. So, making it an Inn will be the best thing to do.

Making it an Inn will attract visitors from outside the community and allow them to spend a few days there, he added.

About the author 

Dwaine Clarke

Dwaine is the Founder and President of NNN Deal Finder an investment real estate services firm exclusively focusing on Single and Multi-Tenant Net Lease Properties. The firm provides a full range of brokerage and advisory services nationwide to High Net worth Investors, Developers, REITs and Institutional Investment Funds. Contact Dwaine to discuss securing your next investment.

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