Everybody wants to make a killing in real estate. Sometimes, it’s the little things that will bring the big payoff. A real estate investor couple bought a cul de sac private street full of multi-million dollar homes. Big deal that doesn’t buy the homes. It seems the street owned by the homeowners association that didn’t bother to pay taxes for some years. The sale buys the street, sidewalk, medians, and traffic islands all things that require maintenance. Oh, you of little imagination! San-Francisco-street-sells-90k
“As legal owners of this property, we have a lot of options,” Cheng said, “adding that nothing has been decided.” Here are some, off the top of my head. The street has 120 parking spaces, ever tried renting a parking space in San Francisco? Try $200 a month times 120 = $$288,000 a year for a $90K investment. Since it is a cul de sac how about a toll gate? Using the number of street parking spaces as a base line, 120 cars, times six trips a day times $6.75 per trip, = $1,773,900 per year. The problem with these schemes is that the Cheng’s would end up being landlords to a group of very unhappy campers. I’m not sure that the money is worth it. So I have one more alternative 120 x 18= 2160 feet of curbside frontage. Each lot will be assigned curb frontage and offer the opportunity to purchase that frontage at $1000 a foot; total sale value is about $2,160,000. Not a bad return on a $90,000 purchase.
I’m sure there are other options that may occur to Mr. and Ms. Cheng, a homeless encampment, day labor assembly point, and in the meantime Food Trucks.