If you’ve always wanted to own a mixed-use building with a grocery/sandwich shop on the first floor, consider this the sound of opportunity knocking. We were in Point Breeze the other day and noticed a sign on 1439 S. 20th St., advertising that the building will be going to auction. Associated Auctioneers will be handling the sale, which will take place on April 26th at high noon. Or just regular noon, if you prefer.
We often wonder why property owners opt for an auction instead of simply listing their building for sale, and in this case it turns out that the property was listed for sale with a realtor at $400K earlier this year. But the owners apparently didn’t get any bites at the price they desired, so now they’re trying the auction route. The old listing tells us that the building has about 3,700 sqft inside, with a store on the first floor paying $1,200/mo. There are four units upstairs, with a pair of one-bedrooms, an efficiency, and a three-bedroom unit that’s in shell condition. Two of the apartments are occupied, with the tenants paying a combined $650/mo. With some major renovation effort, this building presents considerable opportunity for higher rent numbers.
This property is surrounded by relatively new construction, with some of those new buildings clearly visible as you look up 20th Street (and the new Comcast building visible in the distance). The two vacant lots across the street, on the left side of the image above, are privately owned and we have to think it’s only a matter of time before they get redeveloped as well. And speaking of redevelopment, let’s not forget the longest rehab ever, on the southeast corner of this intersection.
We last visited this property almost two years ago, as framing was getting started on a third story addition. Before that, the building had sat roofless for years, after renovation efforts stalled out. You can see, there’s certainly been progress here, but the project somehow still isn’t finished. And think, if you buy the building across the street, you can race these developers to see who can finish their project first. At this point, our money would probably be on you.