Monday, May 07, 2007

East 6th Street Renewal Project
Just Add Money

This weekend I was scanning through the local real estate websites, as I often do. I noticed that there are several properties for sale in my neighborhood, including 3 just in the block of East 6th between Iowa and LeClaire. They're marked on the map to the right. The dark blue areas are completed new residential buildings, including the Crescent, Waterloo Mills, and 4th Street Lofts, and the CityView Apartments. The buildings highlighted with the lighter blue are currently owned by the Alexander Company and marked for future residential conversion. It seems to me that these 3 properties would be a good investment with the consistent improvement in the neighborhood over just the last 3 years. In the future I could even see some kind of 3-5 story new residential construction in this area to take advantage of the view, and the proximity to downtown. If people will pay $160k+ to live behind HyVee, why not here?


Here are the properties:
414 E 6th Street      $ 6000 (Its a vacant lot)          Assessed at $2870
420 E 6th Street      $35000                        Assessed at $33300
403 E 6th Street      $74900                        Assessed at $21000 (?)

Total: A mere $115,900

One of you developer types has to have that laying around, or even some decent landlord could rent out the two houses until the area develops further. Once that happens, you'd own a serious chunk of this potentially valuable block.

Of course, since this is "the internets," one or more of these properties could already be sold, as the real estate sites tend to be slow to update. They're all listed by Mel Foster, but my links are to Ruhl, mostly because the Mel Foster website annoys me.

13 Comments:

At 5/07/2007 9:41 AM, Anonymous freda said...

People will pay $160,000 to live behind HyVee for the same reason people will build $300,000+ homes with decks overlooking the commercial strip on Elmore or backing up on I-74. I don't get it, but evidently the address is more important than the view.

 
At 5/07/2007 10:03 AM, Anonymous Anonymous said...

I don't know why anyone would pay that kind of money to live in a glorified, confining apartment at ANY address, or a cookie cutter cracker box house. Buy in and reinvest in our glorious older neighborhoods!!

 
At 5/07/2007 2:50 PM, Anonymous JJ said...

The Mel Foster website annoys me too.

 
At 5/07/2007 3:39 PM, Anonymous Anonymous said...

Eventually, that whole area from Pershing to Federal is likely to be residential with maybe one or two warehouses. I know, I used to live in the Davenport Lofts and the Alexander Group wanted to purchase virtually all of the buildings there and someday they will. Also, they want to invest in and improve the whole area such as lighting the railroad bridges, making the empty lot across from Crescent Lofts a park. As I said, Im sure that the guy who owns the sand and cement place by Quad City Times and next to the river will move his operation elsewhere with the incentive from the city and developer and (hopefully) there will be more high rise condos, lofts, apartments etc like the OniedaLanding. As Ive said before, read the RiverVision website, doesn't take much to notice that Rock Island and Davenport want much of the property by the river to be high rise town homes and condos, and whichever council is involved won't impede that from happening.

 
At 5/07/2007 4:21 PM, Blogger Moe said...

A friend of mine is currently in the process of possibly purchasing 403 E 6th, with the goal of completely rehabbing it. He's done it with a few other houses around town.

 
At 5/07/2007 4:38 PM, Blogger QuadCityImages said...

That particular house has had a lot of work done on it in the last couple years. At least, it appears that way from the outside.

 
At 5/08/2007 1:31 AM, Anonymous Anonymous said...

It's a great theory. I say that because we own several lots in the 600 block of E 6th and have often thought of trying to do some new construction, or infill. We can even visualize a "redstone" townhouse kind of thing. The problem comes in with the end result property values, even with all of the wonderful "lofts and apartments" being rehabbed and occupied the neighborhood needs some extensive stabilization. The properties that exist need to be influxed with rehab and new tenant "research". If we could stabilize the existing neighborhood it would be easier to secure financing for new construction, etc.

 
At 5/08/2007 3:50 PM, Anonymous Anonymous said...

Here here. WE need to enforce our hsouing codes and standardize our housing stock.

 
At 5/08/2007 10:28 PM, Blogger Moe said...

Hmm. Not sure about that, quadcityimages. I believe 403 6th street has been owned by the same person for many years, but she went to a retirement home and the house has sat abandoned for 10 years. Maybe I have the address wrong - but I don't think so!

 
At 5/09/2007 6:41 AM, Blogger QuadCityImages said...

According to the assessors site, (click the assessed value on the original post) it looks like it was sold in January of 2006. Its also currently owned by a Ramon Terronez, which doesn't sound like a retired lady.

 
At 5/09/2007 7:00 AM, Blogger Moe said...

You are certainly correct about that house. I was looking at a house on 6th St. with an investor friend not long ago and could swear it was at 403. That certainly is not the houes now that I look at the pictures, etc. I'll see if I can find the house in question.

 
At 5/09/2007 7:06 AM, Blogger Moe said...

Found it.

408 E. 6th Street.

http://www.scott.ia.promap.com/pmc/davenport_report2.asp?pid=F0050-11

If the lady will part with her home for a fair price, this home will be rehabbed. But, you know how real estate transactions go.

 
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