Scott’s Addition’s Baker Equipment building to be converted to apartments
Another Scott’s Addition industrial building is to become an apartment complex. This time, the Baker Equipment building @ 1700 Summit will be converted into 89 one and two-bedroom apartments. $2.6 MM will be spent on the renovation.
via RTD
Lowball estimate (assuming each goes for $100k) of margin post-sale is about $6.3mm. Well played, new owner.
Here’s some more info…
Assessed Value (2007)
Land (1.2 acres): $311k
Building: $933k
Also, there’s a 2 bedroom condo (1,000 sq. ft.) across the street for sale and they’re asking $214k, so Dan, your estimates are conservative.
I think they’re going to rent the apartments initially ($750-1,500/month). I don’t know who would pay $750 for a 500 square foot apartment down the street from Paper Moon. Probably not readers of this blog.