Thursday, December 10, 2009

Historic Dayton Street Mansion For Sale

The Allan Gazlay Mansion on Dayton Street is on the market for the first time in 39 years! the mansion was purchased by the Provident Baptist Church in 1970 according to the auditors records. The property which has an assessed value of 163,540.00 is on the Market for 99,000.00.

Allan Gazlay was a wealthy financier who had amassed over a half a million dollars in realestate by 1894. Gazlay died in 1899, he had no children. Records are unclear but it appears that the home was built between 1861 and 1873. Based on interior details early. The home has a complete makeover at some point in the Italian Renaissance Revival Style.

The property has been operated by the church as seven rental units and was ordered shut down by the city , apparently based on a tenant complaint . The building did not meet code for operation as a multi family and it would appear the church, not wanting to make the kind of substantial alteration necessary and costs which could have been almost half a million to bring the building up to current code for multi family, decided to sell it instead.

It is unlikely that anyone would consider continuation of the property as multi family given the high cost of bringing the mansion up to code. The building has many deferred maintenance issues and deep pockets will be required for its restoration. Operating expenses will be substantial on the 20 room mansion and the property taxes alone (before restoration) are over 4000 a year. However the mansion would easily cost over 10-12 million dollars to build today.

The best use of this building would likely be as a private residence, a Bed and Breakfast or as a Victorian Museum House. Currently there are two museum houses on the block now. The building sits in a protected Historic District. The Mansion has 15 foot ceilings, Plaster crown molding, and elaborate doorways. There is however "remuddling" to be undone from the apartment conversion. It will not be restoration for the "faint hearted" but given the incredible detail of the House it is well worth the effort for the right person.

Having looked at the mansion myself, the property will need, at a minimum 500-600 K in restoration. More, if one wants to create a "museum piece". However given the increasing number of restorations in the area the project may just be viable for the right person. Considering some downtown loft condos now sell for that much, spending the same amount of money to buy and restore a One-of-a-Kind Grand Victorian 20 room mansion may make more sense in the long run.

Apparently others already think so. One restoration just down the block from this property is estimated to cost over a half a million thus far and it is not yet complete. One of the museum houses, the George Hatch House, is currently undergoing extensive restoration with hope to be open in the near future, and the other the Hauck House, owned by Cincinnati Preservation Association may soon have a new owner as well. Dayton Street is minutes to the downtown financial district and has some of the largest homes in the downtown area. Restoration are now underway up and down the street not just this particular block.

Couple that with the fact that almost all of the "section 8 multi-family" have been sold off in recent years and are being converted back to high end single family and the area appears to be poised to once again be known as "Millionaires Row " as downtown executives and historic preservationists drawn to the great architecture and convenience to downtown have chosen to make Dayton Street their home.


Todd McFarland said...

Interesting that the listing agent says most units are "ready to rent" on the MLS website. I wish the West End had as much promise as OTR.

Paul Wilham said...

I imagine the church 'neglected" to share about the city orders, with the listing agent. In order to be apartments at this point,according to the city, the heating,cooling, electrical and plumbing has to brought up to code and metal fire doors!!! have to replace all the wood doors to common areas The cost would be astronomical and the building would lose all value.So whomever is looking at it for apartments will be dissapointed. They would have to get almost 1800-2000 per 1 bedroom apartment to cover the rehab costs!

I actually think that the west end will turn around before OTR. There is a lot of restoration going on over there. Smaller area and an active neighborhood group. Most peoples opinion of the area are formed on the way it was 5-7 years ago. I've noticed big changes in just the last year. The section 8 is leaving rapidly and its going back single family. I know of 3 properties under restoration in just the last year. There is alot of money being poured into those houses now.

McEwan said...

Paul- I wonder if you'd be willing to email me with more about your assessment of the property. My husband and I are looking at it...

ASAP, if possible.