Asset Type: Real Estate
Estate: Fee Simple
Land Area: 1.79 Acres
Parking Count: 64
Property Type: Other
Year Built: 1992
Number of Floors: 1
Property Size: 4,461 SF
Investment Highlights
- 4,461 SF building
- Favorable Zoning (R2) allowing for potential residential or community-based reuse creating multiple exit strategies.
- Ample Parking 61 on-site parking spaces provide a significant advantage over typical properties of this size, supporting high-traffic uses and future redevelopment flexibility.
- Adaptive Reuse Opportunity – Existing layout (sanctuary, meeting rooms, offices) lends itself well to conversion into multifamily, senior housing, community center, or mixed-use concept.
- Strong Value-Add Play – Opportunity to reposition or renovate the asset to increase value, especially given its size and parking capacity relative to market.
- Central Location / Visibility – Main Street frontage offers strong visibility and accessibility within the Elwood community.
- Limited Comparable Inventory – Unique asset type with substantial parking and central location creates scarcity value in the local market
First Presbyterian Elwood
Positioned prominently along Main Street, this well-maintained church property at 223 Main Street presents a unique opportunity for an owner-user, investor, or congregation seeking a new home. Classic architectural charm and functional space, the property is well-suited for continued religious use or a variety of adaptive reuse opportunities.
The building offers 4461sf of interior space, and a welcoming sanctuary with [XX± seating capacity], high ceilings, and traditional design elements that create a warm and inviting atmosphere. Supporting areas include fellowship space, offices, classrooms, kitchen facilities, and additional multi-purpose rooms—ideal for community programming or administrative use.
Situated on a 1.79ac parcel, the property provides a balance of building footprint and usable outdoor space. On-site parking includes approximately 80 spaces, offering convenient access for congregants, staff, and visitors.
Zoned R2, the property allows for continued religious use and may support a range of alternative uses such as community center, daycare, event venue, or potential redevelopment (subject to local approvals and zoning regulations).
Located in the core of downtown Elwood, the property benefits from strong visibility, easy accessibility, and proximity to local amenities. The surrounding area fosters a close-knit community environment, enhancing its appeal for both service-oriented and redevelopment-focused buyers.
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