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Vi Veri Veniversum Vivus Vici
Picture of ChuckFinley
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I have a cousin who has his law firm on the first floor of an old brownstone-like building near the Harris Teater in the old town area of Alexandria. He's been living on the 2nd floor (~850 sq ft), but his family has outgrown that space.

He wants to rent it out, and has been exploring residential rentals. I've encouraged him to consider another commercial rental upstairs like another lawyer or 2, or a photography studio or something similar.

Commercial rents (with many vacancies) are $10-22/sqft in that area from what I've been able to glean. If he were to rent at $4-5/sqft all he would need is one taker and he'd have a tenant working there largely when he's there as well, and wouldn't have the wear-tear on such an old building from a renter's living there 24/7.

It could be a good setup with large room in front, remodeled kitchen, smaller room, bathroom and another bigger room in the back.

We've discussed some of the pitfalls of renting to the average modern renter. Amazon is coming with a big center nearby and, of course there are a lot of military contractors so maybe that's still the better route, but I hope to tap the wisdom of the forum for other thoughts on how to make this best work economically and comprehensively for him, since this isn't what I do for a living.




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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." -- C.S. Lewis
 
Posts: 5701 | Location: District 12 | Registered: June 16, 2012Reply With QuoteReport This Post
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Just looking at what happened to landlords during COVID and the eviction moratorium should be enough to steer him away from residential tenants.
 
Posts: 11214 | Location: The Magnolia State | Registered: November 20, 2004Reply With QuoteReport This Post
Vi Veri Veniversum Vivus Vici
Picture of ChuckFinley
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Agreed, however, not doing anything isn't a valid option.




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NRA Endowment Member
_________________________
"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." -- C.S. Lewis
 
Posts: 5701 | Location: District 12 | Registered: June 16, 2012Reply With QuoteReport This Post
semi-reformed sailor
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Yeah, I’d rather have a business renting than a family.



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Posts: 11574 | Location: Temple, Texas! | Registered: October 07, 2006Reply With QuoteReport This Post
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