|Owner open to offers|
Rogers Auto building
Current condition of property:
The ground floor of this structure has long held the Rogers Auto business. Sam Rogers, the owner, has also used the 2nd floor for storage and pays some rental for this space. The third floor is completely unused and is one large open space. Sam is now in his 70s and is thinking of retiring and selling the business if he can, but so far no parties have shown an interest.Project potential:
The front facade of the building is quite unusual in its design and is in remarkably good condition. The north wall faces the street and is a plain brick wall with some double-hung windows.
Market value of this property as is: $350,000
...Value of land alone: $60,000
Size of each floor: 35x75 ft.
Current income of the ground floor ($13/sq.ft./year)
Current income of the upper floors ($6/sq.ft./year)
Current income of the upper floors ($0/sq.ft./year)
If the building had a full rehab:
Cost to rehab ground floor ($80/sq.ft.)
Cost to rehab upper floors ($100/sq.ft.)
Potential income of the ground floor ($20/sq.ft./year)
Potential income of the upper floors ($17/sq.ft./year)
Potential income of the upper floors ($15/sq.ft./year)
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