clock menu more-arrow no yes

Filed under:

Old City 'Investment Opportunity' Just Hacked $100K Off Ask

New, 1 comment


Though this listing is confusing, what's more confusing is why it won't sell: the asking price (which started at $1.9M, and now, after two price adjustments, is $1.6M) includes four properties, and the potential for two bars (one of which has a grandfathered liquor license.) There are also several apartments included, and it's right on second street. Why has this property had to reduce its price twice?

The first price reduction, in November, sliced $200K off the ask, followed shortly by another $100K in December. It's possible that this listing is having a hard time because of the very few photos included: when it was first listed, it only included one exterior photo.

Now there are three photos, two of which are inside the bar space, but it's still not enough. The listing describes itself as a group of four properties,

"A four-story building with a bar/restaurant on the first floor, possible second bar on second which has grandfathered liquor license. Past rental history was $7K to $9K a month. Potential for 3 units above the bar or to expand to 2nd/3rd floors. The rear Strawberry street properties contain six rental units to offset your cost. 37-39 Strawberry has 4 units (2 studios - $750 rent each and 2 bi-levels - renting $1,100 in past but now vacant. 41 Strawberry has 1 studio ($750 rent) and 1 bilevel ($1,100 rent)." With such a confusing and hard to picture group of properties, images matter. This listing might fare better if all these spaces were pictured. The listing is very explicit about the total amount of rent one could collect. According to the numbers provided in the listing, the owner of these properties would be able to rake in $12,550 to $14,550 per month, with the potential for more. So why hasn't this place sold yet?
· 50 South 2nd Street [Trulia]