Current condition of property:
This building is in very poor condition as a result of a fire. It has significant water damage around the roof, with a crumbling brick chimney. A large sign on the front of the building has rusted supports and looks like it is ready to fall. Plywood covers the broken front windows. The upper floor bounces some. There is a substantial open space behind the building.Project potential:
The building, owned by Nipsy More, is currently vacant and was last used as a discount shoe store.
Market value of this property as is: $45,000
...Value of land alone: $40,000
Size of ground floor: 30x45 ft.
Size of upper floor attic (no windows): 30x23 ft.
Current income of the ground floor ($0/sq.ft./year)
Current income of the upper floor ($0/sq.ft./year)
If the building had a full rehab:
Cost to rehab ground floor ($150/sq.ft.)
Cost to rehab upper floor ($140/sq.ft.)
Potential income of the ground floor ($16/sq.ft./year)
Potential income of the upper floor (rear window added) ($13/sq.ft./year)
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