A deal that fired up my imagination...
I don't consider myself an adventurer. Definitly not when it comes to money, but I came across this apartment building that fired my imagination.
No, I'm not in the position to buy it,not to mention what it may cost to make it what I would like to turn it into, but here is the deal.
This is a 26 unit apartment building, consistent of 1/1 & 2/1, built in 1929. It located in a bad part of town and it is listed for $346.000. It on the market for more than 500 days and probably needs major rehab. I have no idea what is the structural or the mechanical condition. Last time I passed by it, it seemed to have low income /no income tenants. This is the basic info, but that lack the vision....
The vision starts with fact that it is located right across the street form a very prestigious college. It also have a huge empty lot right next to it.
The vision also include converting the building into a dormitory. Upgrading the building to first class living space with amenities such as super high speed internet, (Fiber optics), state of the art security surveillance system, etc.
I would fence the whole compund and have a pedestrian bridge built overpassing the street, from the college grounds directly into the compound area. I would also convert the next door lot into a parking lot and use part of it as small recrational area. The Building is a sharp edged U shape with a court yard that can be put to recreational use as well.
Your thught...