Heading up 3rd Street today, the sight of 733 S. 3rd St. caught our attention. And it would have caught your attention, too. The building is a handsome three story corner structure that was once clearly home to a first floor business and apartments above. We only wish that more architects nowadays looked at the details on the building's exterior and were inspired when designing new construction. One less inspiring aspect of the building these days is a distinct lack of windows.
You can see from the sign on the building that it's for sale. Okay, makes sense. Our first thought was that a long-term owner was finally looking to unload the building, which has surely appreciated over the years. But wrong we were indeed! 733 S. 3rd St. LP bought the building back in January for $300K. Now, they're looking to sell it for $400K. After realtor fees and taxes, at that price, they would clear over $70K. Not bad, right?
Will they be able to get the price they're seeking, or did they pay the right sum for a gut rehab property in Queen Village? Set up as a single family home or perhaps two condos, we can see new units selling here for a pretty penny. But when the starting point is $400K, we're not sure that the spread is large enough to make the numbers work for another developer. But hey, we're always happy to be proven wrong.