Looking to take advantage of some local opportunity zone investments?
Columbia is experiencing gentrification with many signs of growth. Local census tracts have been designated as opportunity zones, which increases the return.
Focus on quality lifestyles have drawn attention here as well. With a large riverfront park and bike trail, local festivals, antique malls and new restaurants cropping up, many people have been drawn to the area. Easy commutes to both York and Lancaster make it a logical location for access to work.
All of these increasing signs of growth make it the perfect time to work on redevelopment projects in the area, while also taking advantage of tax saving with opportunity zones.
Here is a list of properties that could be high in potential.
- 239 Poplar Street, Columbia:
A multi-use brick building with 7,500 SF and prominent location. Asking $424,900. High Density Residential.
- 28 N. 2nd St, Columbia:
Three story multi-purpose building with 5,970 SF. Close to river and main shopping area. Asking $302,500. High Density Residential.
- 360 Chestnut Street, Columbia:
Classic Victorian property, formerly a Bed and Breakfast. Approximately 5,000 SF, asking $350,000. Medium Density Residential, Light Business.
- 411-413 Locust & 13 N 4th Street, Columbia:
Mixed uses with Warehouse, Retail and Residential units, 13, 225 SF. Asking $412,500. Downtown Commercial.
- 401-417 N 3rd Street, Columbia:
Commercial and Residential mixed use, currently housing Antique Business with 13,500 SF. Asking $450,000. Downtown Commercial.
- 185 N Front Street, Columbia:
Large development site right across from river and next to Olde 462 bridge. Asking $650,0000. Riverfront Commercial.
- 309-315 Locust St, Columbia:
Formerly Hotel and Restaurant, Mixed Retail and Residential use. Building is in need of complete rehab, 23,000 SF. Asking $225,000. Downtown Commercial.
Not sure how the Opportunity zone works?
The summary is that there are tax savings that are offered to the investor who does a re-development project in one of these zones.
- Much like a 1031 Exchange, the capital gain from current investment may be rolled into a new project. If left in for 7 years or longer, 15% of the original capital investment is excluded from tax. (The other 85% must still be paid)
- If held for 10 years, there is no tax on the capital gain of the new investment. Your basis is ‘stepped up’ one time to current market value.
- Investments must be in a ‘Fund’ that then develops and holds the real estate.
- The property purchased must be ‘Improved’ by 50% or more of building value. (Land is excluded.)
As an Investment Realtor in this local market, contact us for detailed information on these properties, and information on opportunity zones. Naomi Brown 717-819-2825