|Owners open to offers|
The hotel was once a well-known and important building in the downtown, and many important personages have stayed in its rooms. But it has few tenants now. There is a small coffee shop on the ground floor and some inexpensive rooms on the second floor which are rented out by the night or week.Project potential:
The condition of the structure is problematic. As can be seen on the drawing, many of its windows are boarded over and there is some obvious structural damage. It is unknown what extent of work would be necessary to rehab the structure for rooms or apartments with commercial space on the ground floor.
Market value of this property as is: $480,000
Size of basement: 50x50 ft.
Size of 1st and 2nd floor: 50x105 ft.
Size of 3rd floor: 37x90 ft.
Current income of the basement ($13/sq.ft./year)
Current income of the 1st floor ($8/sq.ft./year)
Current income of the 2nd and 3rd floors (none)
If the building had a full rehab:
Cost to rehab basement ($90/sq.ft.)
Cost to rehab 1st floor ($160/sq.ft.)
Cost to rehab 2nd and 3rd floors ($110/sq.ft.)
Potential income of the basement ($24/sq.ft./year)
Potential income of the 1st floor ($25/sq.ft./year)
Potential income of the 2nd and 3rd floors ($19/sq.ft./year)
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