Sports World building
aka Blackstone Building
Current condition of property:
The building has had many tenants over its history, and has always been a rentable downtown commercial space. It was originally built by the Blackstone family, a multi-generational local family who currently own the Blackstone Insurance agency.Project potential:
The structure's second floor was built as an Oddfellows meeting hall, but has long been used as a large open space for storage. The mansard front was added in the 1970s; there are no known photos of its original front. The first floor display windows are also from the 1970s "modernization."
Rehabilitation could include removal of the mansard front and possible restoration of its original facade, and rehabilitation and/or adaptive use of its interior.
Market value of this property as is: $290,000
...Value of land alone: $60,000
Size of each floor: 45x60 ft.
Maintenance cost: $10/sq.ft. for lower floor only (unless rehab is done)
Current income of the ground floor ($13/sq.ft./year)
Current income of the upper floor ($3/sq.ft./year)
If the building had a full rehab:
Cost to rehab ground floor ($70/sq.ft.)
Cost to rehab upper floors ($70/sq.ft.)
Potential income of the ground floor ($19/sq.ft./year)
Potential income of the upper floors ($14/sq.ft./year)
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