Well, since it looks like it ain't gonna happen,
Here is a proposal I was putting together.
I got hooked up with a buddy of mine from school (you'd recognize the last name at least
), whose into real-estate and looking to do something. I got rental info, financials on the building etc.... (the reason that it's mostly empty is that the owners haven't been re-upping leases in order to try to sell for redevelopment).
The current contract on it has been going on for several months...
Anyway, at the asking price, it's an iffy proposition on condo's.... the first 2 floors would be retail/office only (the bank is open to the second floor with a mezzanine). That leaves 8 floors.
Six floors with 4452 sq ft/floor (4 units) = $890,000/floor at $200/sq ft. ($5.3)
top two floors with 5000 sq/ft (2 units each) = 2-3 million.
At best you're talking 8.3 + 2 floors of rental/lease.... say $10,000,000 final value. It's in pretty good shape, but I'd think it would take a significant portion of that to convert it... not even taking into account the lack of parking...
And I won't say how much they are asking, but it's too much (more than City Federal or Cabana IIRC).
Well, if this one goes away maybe I can convince him to look at something else...