Do you lie sleeplessly in bed at night, just wishing you owned a chunk of Washington Avenue? Do you fantasize about being catalyst that unplugs the dam and sets off the chain reaction that redevelops all of Washington Avenue with a mix of residential and commercial uses? Do you just think about owning a property next to a car wash and around the corner from Nam Phuong?
If any of the above resonates with you, 1200 Washington Ave. might be just what the doctor ordered. It's currently on the market for $1.2M.
The property has eighty feet of frontage on Washington Avenue, and measures over 10,000 sqft. Unlike many parcels on Washington Avenue, it's zoned commercial and not industrial, which permits a mix of commercial and residential by right. The sellers it seems, have mocked up a potential plan for the parcel, and included it with the listing.
According to the drawing, a building here could have five floors of apartments over a ground floor retail space and parking lot with fifteen spaces. While six total stories may seem high to some people, we'd argue that 1) it's Washington Ave., relax, and 2) the buildings directly to the north are pretty tall.
We don't have $1.2M so we didn't bother doing the math to see whether the development pictured above pencils out at the asking price, but we wouldn't be shocked to see this thing come off the market relatively quickly and at a decent price. Unless, of course, there's massive remediation efforts needed at the site, which wouldn't be out of the question given its history as a coal yard. But we'll still keep our eyes open, and if $1.2M plus development costs happen to fall into our laps sometime soon, we might even consider putting in an offer.