peviously posted
218 New Street - R.M. Taylor Bldg
Quakertown, PA 18951 - Upper Bucks County Submarket
Property Type:OfficeSub Type:-Status:Existing Year Built:1910Stories:3Typical Floor:3,865 SFBuilding Size:11,596 SF
For Sale Price:$325,000Price/SF:$28.03Cap Rate:-
Building has undergone major renovations including a new roof. Current use is a Design Center occupying the second & third floors. Majority of first floor tenant occupied. Property is zoned for apartment conversion. Possible office conversion with up to 30 offices. Sprinkler system, hardwood, ADA accessible to first floor. Entire building is wired for sound. Phase I & Phase II completed. Each floor zoned separately for heat & electric.
Sale Notes:
Great building with lots of potential. It could be an apartment or condo conversion. It would make great offices for a single user or multi-user space. Numerous improvements have been done in the last few years making this property a real consideration at a great price. Lender owned REO property. Come and take a look at the possibilities!
Near the intersection of Hellertown Ave and New Street.... a couple blocks from Route313 in the Boro of Quakertown.
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the above is a quote from a website. its been reduced to $275k. and i dont think it has tenants but its good to know that It has had tenants recently and that its fit to rent out as is. separate electrical for each floor.
my plan would be to convert the to floor (4,000 sf per floor) to residential and rent out bottom two commercial floors to cover taxes and mortgage. i would bet that top floor has open rafters with the pitched roof and would make a great shared live/work space with common area kitchen and bath. pleasant neighborhood and with phase one and two of renovation done it sound turnkey ready. screw phase three, keep it open plan downstairs, rent out whole 4,000 sf floors. landscaping is done too. even wheel chair access for 1st floor. off street parking.
Bank owned - great building with lots of potential. It could be an apartment or condo conversion. It would make great offices for a single user or multi-user space. Use part of the building for yourself and rent the remaining space for additional income. Each of the three floors plus the basement has separate utilities. Numerous improvements have been done in the last few years including fully sprinklered, making this property a real consideration at a great price. Come and take a look at the possibilities!
I discussed this place to Dave H this week, with a live/work sitch for you & you will run an art (collective) space like The Loom in Philly. I think Quakertown could be ready for it.
what are the monthly bills to own, taxes, util's etc
would it be easier to have 6 fully reno'd ~1900sf spaces to attract tenents
That's right. Possibilities include dividing top two floors into 4 units. And rent out first floor commercial to subsidies condo association. Or spit all three floors in two, to make six loft condos, each just under 2,000 sf each. That would take 6 investors with about 50k each. We should ask our friend Dave about anticipated insurance, heat, costs etc. Taxes are $567 a month before any request for change of use with zoning dept. It would take more upfront money to make 6 more bathrooms and kitchens. Also wonder if there are two sets of stairs at either end to access two upstairs units per floor. If daves been inside he might know. He may also be aware of any developer incentives the town might be offering.
My gut is this is more like 60K per 1/6th, 3 people with 120K??
If each loft could net 1K a month (after tax and a stash covering upgrades etc) in ten years investment is paid off. Are there 5 people whom would rent a $1,500 1900sf space in Quakertown assuming Bill you took one of them? If you did not take one than 6 to rent....
Not saying it isn't worth it but condo-izing is a total drag. Slow and expensive...
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peviously posted
- bill 9-28-2012 6:27 pm
--------------------------------------------------------------------------------------the above is a quote from a website. its been reduced to $275k. and i dont think it has tenants but its good to know that It has had tenants recently and that its fit to rent out as is. separate electrical for each floor. my plan would be to convert the to floor (4,000 sf per floor) to residential and rent out bottom two commercial floors to cover taxes and mortgage. i would bet that top floor has open rafters with the pitched roof and would make a great shared live/work space with common area kitchen and bath. pleasant neighborhood and with phase one and two of renovation done it sound turnkey ready. screw phase three, keep it open plan downstairs, rent out whole 4,000 sf floors. landscaping is done too. even wheel chair access for 1st floor. off street parking.
- bill 9-28-2012 6:29 pm [add a comment]
- bill 9-28-2012 6:46 pm [add a comment]
I discussed this place to Dave H this week, with a live/work sitch for you & you will run an art (collective) space like The Loom in Philly. I think Quakertown could be ready for it.
- adman 9-29-2012 2:49 pm [add a comment]
what are the monthly bills to own, taxes, util's etc
- Skinny 9-29-2012 3:46 pm [add a comment]
would it be easier to have 6 fully reno'd ~1900sf spaces to attract tenents
- Skinny 9-29-2012 3:49 pm [add a comment]
That's right. Possibilities include dividing top two floors into 4 units. And rent out first floor commercial to subsidies condo association. Or spit all three floors in two, to make six loft condos, each just under 2,000 sf each. That would take 6 investors with about 50k each. We should ask our friend Dave about anticipated insurance, heat, costs etc. Taxes are $567 a month before any request for change of use with zoning dept. It would take more upfront money to make 6 more bathrooms and kitchens. Also wonder if there are two sets of stairs at either end to access two upstairs units per floor. If daves been inside he might know. He may also be aware of any developer incentives the town might be offering.
- bill 9-29-2012 5:59 pm [add a comment]
My gut is this is more like 60K per 1/6th, 3 people with 120K?? If each loft could net 1K a month (after tax and a stash covering upgrades etc) in ten years investment is paid off. Are there 5 people whom would rent a $1,500 1900sf space in Quakertown assuming Bill you took one of them? If you did not take one than 6 to rent....
- Skinny 9-29-2012 7:28 pm [add a comment]
Not saying it isn't worth it but condo-izing is a total drag. Slow and expensive...
- steve 9-30-2012 12:09 am [add a comment]