We woke up today feeling rather depressed. And when we're feeling down, we find that the best way to get past it is with a distraction, ideally some kind of project. If you're in the same boat, might we offer up 839 N. 20th St. as the distraction the doctor ordered?
This building is on the northeast corner of 20th & Parrish, an intersection we've visited a few times in the past as we've seen three new homes built on opposite corners on long vacant lots. We actually covered this property once before, in 2012, when the corner store opened and installed the signage we see today. Now this property is listed for sale, at an asking price of $525K.
There are a pair of two-bedroom apartments on the upper floors of the building, with one of units rented at $1100/mo and the other at $1200/mo. Looking at the photos from the listing, it appears these units have been renovated in recent years and with the neighborhood on the rise of late, we could see those rent numbers creeping up in the future. Obviously the building has a ground floor commercial space that's currently occupied by Papi Deli Grocery, but the lease for the business expires at the end of the year. And when you consider that there's another corner store located just a block to the north, the commercial space seems ripe for a different use. The listing suggests a cafe, which seems superfluous, or office space.
This building could be an interesting investment for someone just looking to pick up a mixed-use property in Francisville, or it could also be a worthwhile purchase for someone looking to open up their own business in the neighborhood. The price is a wee bit high, but we imagine someone will come forward to buy it up and it'll be interesting to see what kind of business eventually takes over on the first floor.