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July 26, 2006

House of the Day: 591 Hicks Street

building
It's hard for us to say whether this mixed use building is particularly cheap or not since we don't have a good grip on what kind of rent this ground-floor retail space could generate. But we've got a good gut feeling about this one. Granted views of the expressway and a lack of outdoor space aren't exactly big selling points, but the 1,440-square-foot, two-story building oozes old-world charm from the outside and there's another 400 square feet of unused FAR that could possibly be turned into a half-floor addition on the rear of the roof. From our back-of-the-envelope analysis, there's probably not a lot of short-term juice in this as an investment property but it could make be an interesting owner-occupied play. The property will be delivered vacant.
Mixed Use Property Available [Brownstone Real Estate] GMAP P*Shark




Posted by Brownstoner at 11:33 AM | Comments (3)
Categories: Properties

Comments

would someone in the market for a 750 sq ft apartment be able to finance 90% of $800k?

Posted by: JB at July 26, 2006 4:22 PM

I saw this place for sale maybe a year or a year and a half ago. They were asking $675k.

It's a great location, but needed a gut reno. The folks who were living in it had lived in it for a long while and it was in bad shape. May most of it was heavy cosmetic, I didn't get that far.

It looks like they got a mortgage or two in 2005 so maybe they fixed some stuff up.

It's got potential, especially if you've got a commercial need, like build a beautiful loft apartmet over a yoga studio or something. Not a lot of foot traffic in this locale, but close to lots of 20-30 somethings for sure.

If anyone takes a look at it, please be sure to report back.

Posted by: kitten at July 26, 2006 4:47 PM

This might be intesting if it wasn't right on Hicks. But $500+ psf for small mixed use on a very noisy street doesn't seem very attractive particlarly when it's a pretty good bet that there's nothing interesting about the interior.

Posted by: Tony at July 26, 2006 5:04 PM

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