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What would you do with a half a city block and 1 million dollars
Posted on 12/22/16 at 8:02 am
Posted on 12/22/16 at 8:02 am
Lets just say there is a business 90 plus years old sitting on prime real estate. The services they offer are in a dying field and doesn't have much life left. If that business was shut down and you had all that land and money to invest. What would you do?
9
Posted on 12/22/16 at 8:09 am to tiger10lsu
Im guessing there is an existing building on the property? Assuming its in good shape, Try to rent it out first if possible and put in a clause that the lease is terminated or at the discretion of the new owner if the property is sold. While its being rented look for a buyer, only take top offers as long as you have a tenant.
Posted on 12/22/16 at 8:13 am to ScarletFire
There is a building that's in rough condition. Right now it is a machine shop/steel fabricator that has lathes/mills. Old school rustic type stuff.
Posted on 12/22/16 at 8:25 am to tiger10lsu
Not taking into consideration of what kind of neighborhood and what is there/not there, I would love to do something like this.
Set up a nice brewery or taproom on the first floor and do condos upstairs.
Set up a nice brewery or taproom on the first floor and do condos upstairs.
Posted on 12/22/16 at 8:31 am to tiger10lsu
It really depends *Where*, right?
It's all about location, location location.
It's all about location, location location.
Posted on 12/22/16 at 8:32 am to tiger10lsu
I'm old school still and like the idea of land/properly ownership and development.
Depending on how I felt about the market I was in, I would decide between renting it and looking to sell long term or selling it now and putting the fat stack of cash into a different investment.
Depending on how I felt about the market I was in, I would decide between renting it and looking to sell long term or selling it now and putting the fat stack of cash into a different investment.
Posted on 12/22/16 at 9:13 am to Wind
Downtown of a major city where there is plenty of vehicle and pedestrian traffic. Really was trying to think of the magical "whats a business I can start that nobody else has done" type deal. Realistically a parking garage with office/condo space is more practical.
Posted on 12/22/16 at 9:14 am to tiger10lsu
a million bucks wouldn't get you too far if you needed to tear down the old building to redevelop it. Unless you are using that as your equity for a loan.
Posted on 12/22/16 at 9:15 am to tiger10lsu
quote:
There is a building that's in rough condition.
What type of building/material?
If it's an old brick building and you're in a popular/up and coming area, you can keep the rustic brick look and make it in to multi use facility with trendy office space, creative studios, bar, yoga studio, etc. I would keep the $1mil, or the majority of it, and finance the construction costs of retrofitting the inside to suit these needs.
This post was edited on 12/22/16 at 9:18 am
Posted on 12/22/16 at 9:20 am to TheChosenOne
It is brick/stucco outside with mostly metal roofing that leaks. Since its Historic, the brick cannot be torn down.
The trendy office space with a parking garage is the easy option but it has been done before and will be done again.
The 1 million would be just from selling items at the current business and other funding.
Obviously would do a loan with the property value being so high.
The trendy office space with a parking garage is the easy option but it has been done before and will be done again.
The 1 million would be just from selling items at the current business and other funding.
Obviously would do a loan with the property value being so high.
Posted on 12/22/16 at 10:52 am to tiger10lsu
quote:
It is brick/stucco outside with mostly metal roofing that leaks. Since its Historic, the brick cannot be torn down.
So Top Golf is out?
Sounds like you can't do a true tear down, so that limits your options somewhat.
Does your city have a market experience? Maybe an open air or even a closed roof market where you rent out stalls. Add an entertainment space and maybe a couple of dining locations.
Posted on 12/22/16 at 11:17 am to tiger10lsu
Biggest question: where is this?
Posted on 12/22/16 at 11:20 am to tiger10lsu
Too many variables. Old buildings carry high costs. There can be all kinds of issues surrounding them that would soak up a million in no time.
Posted on 12/22/16 at 11:39 am to StealthCalais11
quote:
Biggest question: where is this?
New Orleans
Posted on 12/22/16 at 12:33 pm to tiger10lsu
Totally will take this problem off of your hands 
Posted on 12/22/16 at 12:37 pm to tiger10lsu
every time i walk by one of those old machine shops in the warehouse district i think about how fun it'd be to redevelop one.
Posted on 12/22/16 at 12:38 pm to notiger1997
quote:
Set up a nice brewery or taproom on the first floor and do condos upstairs
This would be awesome but feel like it would cost more than $1 million. Rent out space either commercial or residential and build a brewery taproom.
Posted on 12/22/16 at 12:50 pm to AUtigerNOLA
They are throwing condos/apartments up like crazy in New Orleans. Pretty soon that supply/demand see-saw is gonna tilt in the other direction. Parking Lot mailbox money makes the most sense
Posted on 12/22/16 at 1:54 pm to tiger10lsu
A fabrication/machine shop in NOLA is a dying business field? O&G/Petrochemical doesn't keep the place busy?
Posted on 12/22/16 at 2:23 pm to tiger10lsu
Right by Wood pizza? I called dibs first.
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