Here's the listing that arrived yesterday at Massey Knakal:
A 10-story, mixed-use building located on the west side of 2nd Avenue between East 3rd and East 4th Streets. The building consists of two ground floor retail units with 33 residential units on the above floors. The ground floor retail units are both leased on a month to month basis for $3,000/month and $4,000/month or approximately $38/SF, in an area that commands rents in excess of $150/SF.
Currently, 28 of the residential units are RS, 2 are RC, 2 units are employee occupied, and 1 unit is owner occupied. The average in-place rent is less than $25/SF which is a fraction of market. This represents an excellent opportunity to take advantage of strong in-place cash flow while adding substantial value in the retail rents. The seller’s preference is to sell the shares in the corporation as opposed to a fee simple interest.
The price tag: $30 million.
And not a really good sign for the longterm future of the shoe repair/barber shop and hardware store in the retail spaces.