Downtown Jacksonville's Most Endangered Buildings

[fsu813]

$2 million would be reasonable for a "construction ready"  product there, not what they are offering. Jacksonville is plagued by "investors" who purchase, never do anything , then propose unrealistic prices for properties that have deteriorated during their "stewardship.".  I'd give 5 bucks if the Seller would describe everything they've done (to improve or stabilize the property) since purchasing the building.  And how about an estimate for the environmental cleanup need in the immediate vicinity. Whose gonna pay for that?   

The Seller overpaid for it back in 2006 and I guess they are, after owning it for 15 years, hoping to cut their losses.  I can't imagine the small auxiliary bldg at the very far end is salvageable.

For further consideration, this building is 8 times larger than Elena Flats, which supposedly cost $3 million to renovate......

Can't use Elena Flats as a comp. The owners always spend ALOT of money on their historic renovation projects, far beyond what's required. They spent a million bucks renovating typical sized quad on East 6th Street in 2013 - I'm sure you recall home values then.

[vicupstate]

Jacksonville is plagued by "investors" who purchase, never do anything , then propose unrealistic prices for properties that have deteriorated during their "stewardship.".

SOunds like the city  of Jacksonville once they take a property for tax delinquency (or any other reason).

[MusicMan]

"Can't use Elena Flats as a comp. The owners always spend ALOT of money on their historic renovation projects, far beyond what's required. They spent a million bucks renovating typical sized quad on East 6th Street in 2013 - I'm sure you recall home values then."

I used EF cause it's similar in condition. Even if you spent half of their amount per square foot what would it be to renovate Claude Nolan?

$12 million?              How about what the Weaver's did at John Gorrie?  Use that as a comp..... 

BTW Claude Nolan has no dedicated parking that I can see..... I take that back....there appears to be plenty of room for some surface parking to the right of the rear building. And it could also be demoed for even more room.

[fsu813]

BTW Claude Nolan has no dedicated parking that I can see.....

Bro, come on. It's Downtown Jax in 2021. We're using e-scooters and U2C over here. Cars are over.

[MusicMan]

Missing the sarcasm font?   FYI the clown cars nor the scooters will be visiting this area. It's outside the "Dockless Mobility Zone" and the clown car route.

And FYI  anyone paying those huge rent numbers at Helena Flats will most likely have a nice ride.