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Updated 3 months ago,

User Stats

108
Posts
27
Votes
Edward R.
  • Real Estate Investor
  • La Fayette, NY
27
Votes |
108
Posts

Building thats a National Historical Landmark in a National Historic District

Edward R.
  • Real Estate Investor
  • La Fayette, NY
Posted

Oh Boy, I went browsing today......and I found an old building with reatil space (leased) on first floor and 2 separate attached Studios, and a 1 bedroom apartment.  The charm and uniqueness of it captures me.  Current owner is asking WAY too much (2.5 assessment), and they do Airbnb with it.  Reading the reviews they are 150 5* . owners have had it for 20 years.  The place could also survive on LT rent or seasonal rental, which is popular in this quaint village on the water for Summer and shoulder seasons.

It's one of those two-story old 1890 brick buildings. It seems to be in good shape, with updated electrical, mechanicals, and roo. The basement is dry as hell, and it's nicely decorated.

QUESTION:  What types of financing, financial assistance and tax benefits does one get from being a registered landmark in a historical district?  Currently looks like some small cosmetic exterior painting is needed on word parts and windows.  who knows what else (looking at it tomorrow).  I am just wondering about the value financially the landmark thing can bring.  I'd likely finance 70% of it.  

I know in my tiny village three business owners recently received grants $100K (think they match) for outsideimprovements (windows, parking, roofing, patio)  Must be nice; that's what I want!  LoL THEN they got another round 2 years later.  Village Mayor real good at finding money.