Post Number: 957
|Posted on Friday, March 07, 2008 - 8:35 pm: || |
How much will this go for?
Post Number: 958
|Posted on Friday, March 07, 2008 - 8:41 pm: || |
From the same auction house, the Wright K Building:
Post Number: 10142
|Posted on Friday, March 07, 2008 - 9:20 pm: || |
The Wright K is one of my fav buildings downtown. Wonder how much that would fetch?
Post Number: 12
|Posted on Saturday, March 08, 2008 - 10:14 am: || |
Wow, incredible. I've seen the outside of course, but the inside is fabulous.
Post Number: 4836
|Posted on Saturday, March 08, 2008 - 11:00 am: || |
I like the second one better; less lawn to mow.
Post Number: 264
|Posted on Saturday, March 08, 2008 - 1:18 pm: || |
So being the nerd I am I calculated what an investor buying the place at $1 million could get out of it yearly.
Taxes are $20K/year. Utilities paid are $30K per year. Mezzanine apparently pays $250K per year in rent. The top three floors are two two bedroom lofts and one three bedroom.
If you were to buy it for $1 million, your loan payments would be about $72k per year. Tack on your utilities and round to $100k. Insurance... ehhhhh, don't know. Moral: it's not too out of the realm of possibility that you could have about $100k in yearly profit BEFORE finishing the top three levels of lofts. Throw another $40K in loft rental income and you've got a nice investment going.
So, uh, anyone want to put up a million in collateral?
Post Number: 265
|Posted on Saturday, March 08, 2008 - 1:20 pm: || |
And by "the place" I clearly mean Wright Kay.
Post Number: 163
|Posted on Saturday, March 08, 2008 - 1:30 pm: || |
The gentleman that owns the Wright Kay building has had it for sale for 2.5 million online for a while now.
Post Number: 193
|Posted on Saturday, March 08, 2008 - 1:34 pm: || |
Post Number: 2816
|Posted on Saturday, March 08, 2008 - 2:48 pm: || |
Was the Wright K building converted into apartments?
Post Number: 111
|Posted on Saturday, March 08, 2008 - 6:58 pm: || |
Before the architecure firm bought the Wright Kay building I lived in it on the third floor. That was in 1995. In the auction ad that is the floor that is yellow. I had a friend that lived on the second floor also.
Itt was home to Haberman Fabrics,and then converted into loft spaces after they closed the downtown store I don't know what year that was. Mr. Haberman was our landlord.
If I can dig them out I have pictures of the interior of the building that I took before I moved. I will post them when I find them.
I really really wish I had the money to by it, I certainly would! It is beautiful.
Post Number: 714
|Posted on Sunday, March 09, 2008 - 10:14 am: || |
Perhaps an arrangement such as the FSC and the Vinton can be planned for these 2 properties. The Wright Kay is definitely a great building.
If such an opportunity comes about, please count me in.