The Scientology Building (30 North High Street) is for Sale

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The Scientology Building (30 North High Street) is for Sale

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Started 8 months ago by Walker
Latest reply from cbus11

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Walker
The KLD / Downtown
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It's actually been for sale for awhile, but I heard that the price just came down a bit recently to $475,000. It's a 15,000 sqft building located at High & Lynn (just a few steps north of High & Broad):

http://www.loopnet.com/Listing/16811623/30-N-High-St-Columbus-OH/

Huge potential for redevelopment into apartments with ground floor retail. Capital Crossroads has made it no secret that they'd like to see investment happen in this alleyway stretch of Lynn to convert into a better pedestrian pathway and patio dining experience:

http://www.columbusunderground.com/new-downtown-improvements-recommended

All this building needs is the right small/mid-sized developer.

Posted 8 months ago #
JimL2

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Walker said:
Capital Crossroads has made it no secret that they'd like to see investment happen in this alleyway stretch of Lynn to convert into a better pedestrian pathway and patio dining experience

Hey maybe I'm confused, but isn't that the alleyway where J. Gumbo's patio was located?

Public service department emails examined by WOSU show a few complaints about dumpsters, flower pots and A-frame signs in the public right of way. But, those complaints originated from code inspectors themselves or Capital Crossroads

Source: WOSU

Posted 8 months ago #
Walker
The KLD / Downtown
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JimL2 said:
Hey maybe I'm confused, but isn't that the alleyway where J. Gumbo's patio was located?

No, J. Gumbo's patio is on Pearl Alley at the corner of Pearl & Gay:

http://tinyurl.com/gumbo-patio

This stretch of alley is Lynn Alley at the intersection of High:

http://tinyurl.com/lynn-alley

Posted 8 months ago #
JimL2

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Okay thanks :)

Posted 8 months ago #
cbus11

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It is a decent price, but a lot of downtown office space goes fairly cheap. I think the LeVeque Tower went for $4 million and Tiano bought the building that he sold to COTA (33 North High) for the price of an expensive house in New Albany. Downtown realestate is a case of 'no guts, no glory' and a willingness to eat expensive maintenance and utility costs until their connections pay off.

It is pretty expensive to convert a building to residential use and most occupants want some kind of close by designated parking which would add a decent uptick to the rent.

Posted 8 months ago #
Walker
The KLD / Downtown
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True, but I don't think much other office space Downtown offers the same advantage with that location for a renovation project. Isn't the three rules of real estate location, location and location? ;)

And while dedicated parking is something that most people are seeking, there are the exceptions. This building would probably house 10-12 residential units at the most. I would imagine that with a small number of units it wouldn't be too hard to find some people willing to be flexible with parking accommodations.

Posted 8 months ago #
cbus11

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Very true about location, though Leveque and 33 N High are at the same location as the Scientologists. I believe Tiano used some of the $12 million from COTA to buy an office building that used to face the back of City Center. That of course is right on the park now.

The issue is that the smaller investor will probably want to see a short term return on his investment. That is why there are so many condos downtown (there is also the myopic tax abatement issue). To pay for the renovation and the loan the rent charged on an apartment would be fairly expensive. Unlike a condo, the investor would also be responsible for taxes, maintenance, etc. This is necessarily a longer range strategy and that is why the bigger boys like NRI and Wagenbrenner tend to tackle them.

Posted 8 months ago #

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