According to listings on Craigslist and Century 21, the 393 Capitol Avenue building is up for sale.
The Craigslist ad, updated two days ago, says this property has “5 residential and 4 store fronts all completely rented.” The “Froghollow Coffee Shop” has been closed since at least January; a “for rent” sign was in the former coffee house window last week, but has since been removed. Those who work in the area say that the “Snack-It Jamaican Restaurant” does not have the appearance of being open either.
The four storefronts are distributed between two separate properties (393 Capitol Avenue is one with Red Carpet Barber Salon and Capitol Grocery; 399 Capitol Avenue is one with the other two storefronts). The 393 Capitol Avenue property — the one posted — is listed for sale at $389,900.
Fryar
So…if you financed it over 20 years at 5%….$2500 a month. Taxes would be about $900 a month. Operating expenses? Capital improvements? Insurance? Are the leases net or expense stop? I put an inquiry in out of curiosity. Seller could need money for a different investment or the building is sucking wind. Any way you look at it – it needs to generate a good chunk of revenue to be attractive.
It’s a good location for business – a law office or lobbyist could go in any empty space.
Kerri Provost
A broken window on the top floor is still only replaced by plywood after months (it’s been like this since at least last summer), so that might hint at other improvements in store.
Some people might wonder about parking — there is parking behind the building. Parking is permitted on Babcock Street and on Capitol Avenue.
Virginia Iacobucci
Based on my experience, there is no way this building does not generate a profit. I know what I paid for a monthly rent as well as what some of the other businesses paid. One of the apartments is Section 8. The problem is not that this building cannot be profitable. The owner never invested in it and let it deteriorate. There was a lack of concern about who rented the storefronts, which added to the neglect of the building. This is a building with great bones and I hope the right investor comes along who cares about the neighborhood and takes some pride in their properties.