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$9 million Denver hotel available for $10

TerryRohrer said:

Denver hotel that sold for $9m months ago is now on the market for just $10​


A covenant requires the buyer to use the building for income-restricted housing for 99 years.
www.independent.co.uk

Denver hotel that sold for $9m months ago is now on the market for just $10

A covenant requires the buyer to use the building for income-restricted housing for 99 years
www.independent.co.uk www.independent.co.uk
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I'm assuming the rent won't cover expenses + taxes. Plus will be near impossible to evict them because they are vulnerable.
 
Tom D said:
It may become the home for most of us in 2 years. The agged appraiser homeless group condominiums.
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It would be better in some better town. You know, maybe Wichita, KS, West Plains, MO, or, perhaps Birmingham, AL - you know some place nice compared to Denver.
 
shrubberyvaluation said:
I'm assuming the rent won't cover expenses + taxes. Plus will be near impossible to evict them because they are vulnerable.
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If you could put it in the Section 8 housing program it would turn into a major cash cow!
 
Senior housing would be the brilliant idea. Them people, at least, don't destroy the units. A building full of sec 8 tenants is not my thought of a pleasant business experience.
I've seen sec 8 get increased in certain neighborhoods which then destroyed that neighborhood.
 
Tom D said:
Senior housing would be the brilliant idea. Them people, at least, don't destroy the units. A building full of sec 8 tenants is not my thought of a pleasant business experience.
I've seen sec 8 get increased in certain neighborhoods which then destroyed that neighborhood.
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Some of the best kept 2-4 units I've appraised were Sec.8. The owner has to maintain the property to a decent level and if the tenants damage the units or cause trouble, they're gone and they can't get back on Sec.8 so the tenants were generally as good or better than others. Plus the rent is guaranteed and the rents were in line with other non-subsidized units.

I can't imagine a building full of geezers. Calls every day because the AC doesn't work but in reality, the forgot how to turn it on. Same with other appliances and complaints about the other tenants, the color of the paint, the weeds in the grass, etc. Geezers have way too much time on their hands and sometimes they just want someone to talk to since the kids never visit. Give me Sec. 8 any day.
 
It's a tear down and all the major players have looked at it and know all the local. State..Federal program's. Sometimes free is not free. We know a guy who purchased a large X factory building in Los Angeles for 80% under what it should go for But...he missed one big issue. When his crews went in to rebuild it the EPA and California Gestapo did inspections and declared it was like a Superfund site. Built in 1920 .Asbestos..lead pipes...lead paint..and 85 other issues. The cost to do the cleanup was estimated to be three times more than he paid for the buildings. My point is yes there are cases where even free can lose you money.
 
Only 99 years huh? Looks like it's remaining economic life today is 15-20 years. Gonna take quite a bit of renovations to add 80 years of useful life to that. This is nothing more than the land bank sales I've seen in struggling cities. City sells you a teardown in a rough area, and some stupid investor is supposed to build a new house to revitalize the neighborhood. Yeah, good luck with that.
 
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