Thanks for the support, kind persons. I could not have obtained a bank loan at this time either, being too much in debt from my earlier loans. The seller is holding the note, with a balloon for the entire balance due in three years. JFYI, I paid 290K, with 58K down, financing 232K over 15 years at 5%, with a balloon due in three years of abt 185K. Within a year or two, I will sell my house, which is empty, to get funds to pay the seller off, and have money to assist with the project. The entire renovation will be at least 600K. I live in a small apartment in the rear/upper of the bookstore, and will continue there, renting out the new apartments to pay for beer and drugs.
I'm currently having my architect, Fred Podris, the same who did the bookstore building, begin as-built drawings. We will then decide the best use of the upper two floors, each currently having five small apartments. A couple of the apartments have absolutely no kitchen facilities, only one room and a bathroom. The remaining have either a kitchen/bath/bedroom/living ( 4 rooms), or a kitchen/bath/bedroom-living combined ( 3 rooms)……. small indeed.
My objective is to attempt having only three apartments per level, two one- bedroom apartments facing west, toward Hemming and Snyder, and one two-bedroom apartment in the rear. Having fewer apartments will require less plumbing, fewer washing machines and dryers, fewer a/c’s, and fewer persons to engage about rent. Having fewer apartments will allow less space devoted to hallways. Once we determine which are the load-bearing walls, we can then make decisions about layouts.
The square footage per level is a little less than 2,400 sq. ft., about 30’ x 80’, the stairs and hallways taking up some of the space. Being residential, I do not have to install an elevator. Although not required, I plan to sprinkle the building, and rebuild the fire escapes along the south wall. Doing these two things gives much flexibility concerning other code requirements about fire and safety. For example, if I do neither of these things, then I must supply a fire exit out of each bedroom window, with a path to the ground. I would much rather do the sprinkling and re-build the fire escape.
Greg, of Gus’s Shoe repair, is currently utilizing the lower floor, paying per month a figure just below my current loan payment of a little over $1,800 per month. This allows me to funnel some funds into the project even before I obtain a major loan for it. I informed Greg that I will keep him informed about the schedule, and allow him many months warning about any changes regarding his use of the space.
I am assuming at this point that I can make much more revenue than Greg is able to pay in rent, by opening a restaurant. Besides, a place like Gus’s will not utilize the space in the evenings. We need evening activity in the city core. There is an option to “connect†the current bookstore café, via a four-foot passageway, with the new restaurant. The two buildings are only about three feet apart.
I like the idea of a full restaurant, being able to design it from the start to the ideal, and being able to offer full breakfasts every morning, and lunch and evening meals. My objective would be, by the pressure of extreme quality of ambiance, menu and service, to make impossible the existence of Magnificat and La Cena.
But, seriously, it would be good for the area to have a moderate cost restaurant offering full breakfast similar to the Fox and the former Worman’s on Broad.
Thank you for allowing me to think aloud as I plan this thing. Any suggestions before I get too far into the project design? I have some good historical info, if I can find it, on the building to give to Ennis (Lakelander). For example, I think the building’s third floor was built in the twenties. The building was originally built in 1904. And because there is a large window on the north side, it was probably built before the Magnificat building.
