Double-Wide Building Available on Fletcher Street in East Kensington

We were meandering around the River Wards the other day and spied a ‘For Sale’ sign on a building on Fletcher Street, between Coral and Emerald. We couldn’t tell you what the double-wide property at 2010 E. Fletcher St. has been used for over the last few years- perhaps someone has been living on the 2nd floor and parking on the 1st floor. Or maybe nobody has been living there, and the first floor has been used for storage. Or… who knows. What we do know is that the building has a somewhat unique appearance and a surprisingly intact cornice.

View of the building
Closer look

The building is listed for sale on Loopnet, with an asking price of $550K. Given the appearance of the building on the site, we would have assumed it was zoned for industrial use, but it turns out it’s zoned for multi-family instead. Someone could buy the building and tear it down and replace it with a new eight-unit building by right, or perhaps it would make more sense to renovate the existing building into eight units. Another possibility would be to tear down the building and replace it with a couple of town homes, but at the current asking price we don’t see how that would make much sense. Then again, this block has seen plenty of new homes go up over the last few years.

Across the street
View from the other direction, with some newer buildings in the foreground

The two most expensive homes on the block were built a couple years ago, each selling at prices slightly below $400K. Prices have certainly gone up in the area in the last couple years, but we don’t think that those prices are high enough to make town homes work. Fortunately, the existing building’s good bones and the multi-family zoning would seem to make a renovation into apartments the highest and best use for the property. We do suspect though, that the asking price will need to come down a wee bit before someone ultimately buys the building. Maybe it’ll be you?