A 131-year-old, three-story, 6,708-square-foot building in Walker’s Point was sold recently by NK Bullard Investments LLC to LAS Investments LLC for $300,000.
The building, located at the corner of Pittsburgh Avenue and South 1st Street just south of the Historic Third Ward, sold for above its assessed value of $231,000, according to city records.
“We ended up having a bidding war on the property, and even interest in the property from potential buyers after they were told we had other offers on the table,” said Kristian Sydow of The Boerke Company, who along with Jack Price of Boerke represented NK Bullard Investments. “Even though the property will need some finishing touches and build-out to fit the buyer’s plans, we were still able to procure the final offer slightly above the asking price, which is almost unheard of in the current market, but shows what kind of buyer potential is really out there when the building and location is right.”
LAS Investments plans the lease the first floor of the building to a retail tenant, according to The Boerke Company. Plans for the upper two floors are still being worked out. Sydow will market the building for LAS.