Since Tony Hsieh started buying up lots and lots of real estate parcels east of the Downtown Las Vegas Fremont Street Experience more than 10 years ago, land flippers have also been buying up property with the intent to flip to Tony's Downtown Project.
And, with the City of Las Vegas investing in widening the Fremont Street sidewalks east of Las Vegas Blvd, this area is beginning to become more pedestrian friendly, Local businesses have high hopes this attempt to draw foot-traffic will help the businesses in this area become profitable.
AND, with businesses drawing more people, the City also hopes this will draw more development in affordable housing -- which is in such dire need in this area.
Now, The Downtown Project has built a 250 unit apartment building called Fremont 9 at the intersection of (you guessed it) Fremont and 9th Streets; and, they are beginning to develop another +/-250 unit apartment building at 11th and Ogden.
Housing is in such demand, that even older apartment buildings are being sought to provide housing developers the opportunity to cash in on this trend.
One such opportunity is the Alpine Motel Apartments. Don't let the name fool you. It's NOT a Motel -- even though that's the name it was given when built in 1972.
It is and has been Studio Apartments all along. It currently has the ability to rent out weekly. But, the City of Las Vegas would like to remove that grandfathered ability with any new construction at this site.
Now, it is currently being rented monthly. But, because of the run down state of the property, it is in dire need of renovation.
That's where the rub begins.
Some developers think it will be too much to renovate. Others just want to low ball offers so they can do a lipstick on a pig and flip.
Even The Downtown Project made a low ball offer which was quickly rejected by the Owner.
Comparable Sales, though, indicate the AS IS Market Value to be $3 Million. OR, at about $73,529 per unit.
BUT, the Seller will accept $2.8 Million. OR, $66,667 per unit.
And, this falls right into what I think the cost of renovation could be: +/-$6,000 per unit or more.
Now, like I mention above, this property has had it's share of offers -- mostly low-ball offers that the Seller has continuously rejected.
Yet, I continue to strive toward a Closed Escrow/Sale for this property.
So, if you are ALL CASH with a QUICK CLOSE, there is a price that this could be acquired at!
You just need...
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
And, with the City of Las Vegas investing in widening the Fremont Street sidewalks east of Las Vegas Blvd, this area is beginning to become more pedestrian friendly, Local businesses have high hopes this attempt to draw foot-traffic will help the businesses in this area become profitable.
AND, with businesses drawing more people, the City also hopes this will draw more development in affordable housing -- which is in such dire need in this area.
Now, The Downtown Project has built a 250 unit apartment building called Fremont 9 at the intersection of (you guessed it) Fremont and 9th Streets; and, they are beginning to develop another +/-250 unit apartment building at 11th and Ogden.
Housing is in such demand, that even older apartment buildings are being sought to provide housing developers the opportunity to cash in on this trend.
The Alpine Motel Apartments
One such opportunity is the Alpine Motel Apartments. Don't let the name fool you. It's NOT a Motel -- even though that's the name it was given when built in 1972.
It is and has been Studio Apartments all along. It currently has the ability to rent out weekly. But, the City of Las Vegas would like to remove that grandfathered ability with any new construction at this site.
Now, it is currently being rented monthly. But, because of the run down state of the property, it is in dire need of renovation.
That's where the rub begins.
Some developers think it will be too much to renovate. Others just want to low ball offers so they can do a lipstick on a pig and flip.
Even The Downtown Project made a low ball offer which was quickly rejected by the Owner.
Comparable Sales, though, indicate the AS IS Market Value to be $3 Million. OR, at about $73,529 per unit.
BUT, the Seller will accept $2.8 Million. OR, $66,667 per unit.
And, this falls right into what I think the cost of renovation could be: +/-$6,000 per unit or more.
Now, like I mention above, this property has had it's share of offers -- mostly low-ball offers that the Seller has continuously rejected.
Yet, I continue to strive toward a Closed Escrow/Sale for this property.
So, if you are ALL CASH with a QUICK CLOSE, there is a price that this could be acquired at!
You just need...
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
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