Possibly buying the building
Building value on specs
Dan Z. said they bought the building for $109K and put in $90K to gut and renovate the building.
Current specs as listed by PVA 814 E Broadway OWNER Removed to avoid indexing PARCEL ID O21COO48OOOO (replace 0s with Os to avoid indexing) ASSESSED VALUE $177,040 ACRES 0.1083 NEIGHBORHOOD 20 / COM BUTCHERTOWN/GERMANTOWN
Dumping questions here. Organize later.
We might have to replace the roof 30g? We might have to run a new electrical box? We might need to water proof the basement 15g? HVAC system? 10g We will need to rejack the big room floor and make it a solid structure?
We know the building was bought for $177,000. We also know that when the property was transferred to them, they were not required to bring the place "up to code," and the building was not condemned.
Benefits: - This would allow us to have a nicer, more public-facing facade. - This would allow us to make more permanent improvements towards the achievement of our goals. - Maximum utilization of space (this came up Tuesday, discussing the big room).
Cons: - Acquisition of all the uncertainty, liability, and illiquidity that the Zinks currently maintain - Inability to remain *as* mobile as an organization
Potential Roadblocks: - Possibility of Condemnation upon inspection (seems likely that the Zinks would want to sell the building 'as-is,' without an on-the-books inspection). - Roof life estimate, and cost of repair/replacement - Structural integrity
More questions that would need answering (not proposing that they should be answered by us, or here and now, just brainstorming): How long is our interest in the property? (5 years, 10 years?) How much do the Zink's want? Are we required to bring the building up to code? If so, what is required? How structurally stable is the building? How structurally stable is the roof? How much wash-out is there under the building? Does this wash-out have any structural impact? Do loans for non-profits work like commercial real-estate loans, with "balloon payment" terms? Can we roll space improvements into any loan? What improvements would be critical if we owned the joint? What improvements would be "nice to have"?