Rivertown Railway building
aka Eagle Railway Building
The Rivertown Railway building is a focal point for the older downtown district. Its durable masonry construction and slate roof has kept it in good condition, with little regular maintenance necessary on its exterior.Project potential:
The building is no longer being used as a railway station (three or four freight trains come through Rivertown each day; no passenger trains). The larger spaces in the building are being used (underutilized?) as an antiques store. Other areas are vacant.
Market value of this property as is: $230,000
Size of lower floor: 44 ft. x 46 ft. plus towers
Size of upper floor: 40 ft. x 37 ft. plus towers
Current income of the ground floor ($14/sq.ft./year)
Current income of the upper floors (no lease)
If the building had a full rehab:
Potential income of the ground floor retail ($22/sq.ft./year)
Potential income of the upper floor office ($18/sq.ft./year)
(Note: If a restaurant use, a commercial kitchen takes up half of the total space, with seating in the other half. The seating area construction costs are the same as for other uses; kitchen space construction cost: $220/sq.ft. Income for entire restaurant space: $27 to 30/sq.ft./yr., based on quality of construction.)
|A financial analysis may be completed for this building using a pro-forma app.|
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