Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
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One cottage industry I never worked-up the gumption to try (as in try raising money for) was to buy the land under post office buildings a few years before their lease came up for renewal.
Property management was a sleepy backwater in the USPS so, if you got lucky, you could send them any requisite notice, they would do nothing and, presto, you could throw them off your land once the lease ran out ... unthinkable to them, but the lease is the lease, and the law is the law.
Huge capital gains were possible, because these were very long-term leases, and property values in most small-town & suburban downtown locations had skyrocketed over the decades.
Out would go the coupla-hundred-dollars-per-month tenant, in would come the new coupla-thousand-dollars-per-month tenant, and then you could sell the building (eg, to an insurance company) and take your profit.
Ah, the road not taken.
Cheers,
/s/ ikeyPikey
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and THAT is why we can't have nice things
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I love to do "Then and Now" comparisons from old postcards. I'm more often not dismayed with the urban blight that has replaced gorgeous old buildings. There's nothing like a street scene of Atlantic City, the city block of grand old hotels leading up to the boardwalk in the 1900s... today? A dark alley of parking garages between two casinos! Argh!
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Yes that was considered urban renewal..they built an overpass over Broadway for train and autos and displaced a lot of people. The Jack in the Box died a lingering death as the people despised it,blaming it for the loss of the post office. A wings place that replaced Jack in the Box also failed...its not a lucky location.
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I wonder how often this happens, a beautiful historic building is no longer able to handle the mail flow(they should have waited 60 years) so they sell it for a dollar to a guy that sells the space to Jack in the box for $50,000 1960 dollars.
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re: And they replaced it with a Jack in the box
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One cottage industry I never worked-up the gumption to try (as in try raising money for) was to buy the land under post office buildings a few years before their lease came up for renewal.
Property management was a sleepy backwater in the USPS so, if you got lucky, you could send them any requisite notice, they would do nothing and, presto, you could throw them off your land once the lease ran out ... unthinkable to them, but the lease is the lease, and the law is the law.
Huge capital gains were possible, because these were very long-term leases, and property values in most small-town & suburban downtown locations had skyrocketed over the decades.
Out would go the coupla-hundred-dollars-per-month tenant, in would come the new coupla-thousand-dollars-per-month tenant, and then you could sell the building (eg, to an insurance company) and take your profit.
Ah, the road not taken.
Cheers,
/s/ ikeyPikey
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re: And they replaced it with a Jack in the box
and THAT is why we can't have nice things
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re: And they replaced it with a Jack in the box
I love to do "Then and Now" comparisons from old postcards. I'm more often not dismayed with the urban blight that has replaced gorgeous old buildings. There's nothing like a street scene of Atlantic City, the city block of grand old hotels leading up to the boardwalk in the 1900s... today? A dark alley of parking garages between two casinos! Argh!
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re: And they replaced it with a Jack in the box
Yes that was considered urban renewal..they built an overpass over Broadway for train and autos and displaced a lot of people. The Jack in the Box died a lingering death as the people despised it,blaming it for the loss of the post office. A wings place that replaced Jack in the Box also failed...its not a lucky location.
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