It was just under a decade ago that I hinted in a post that the relatively new owner of 510 Niagara Street was planning on renovating the building into a mixed use development. At the time, said owner was in the midst of putting together a significant portfolio of properties circling 510 Niagara Street, a number of which have now been beautifully renovated. At the same time, the complete overhaul of the portfolio has not progressed as fast as the owner wanted, which is why he is currently selling off a few of the assets, in order to raise capital for the remaining projects.
One of the most interesting properties that is now on the market is 510 Niagara Street (circa 1930). What we’re looking at here is 14,100 square feet of mixed use space that is ready to go. The interior has been stripped and gutted for the most part, which is actually a good thing in this case because it is a blank canvas for a future owner. The building’s foundation is stable, and the wood joists and beams appear to be in good shape.
The make-up of the interior of 510 Niagara Street is currently two storefronts and four apartments. There is also a one-story back portion consisting of 4 garage bays. Other amenities include a full basement and plenty of off-street parking. The building is situated along a stretch of Niagara Street that is currently transitioning into a dynamic live-play neighborhood.
As I wrote a couple of days ago – pertaining to 507 Niagara Street – Lasalle Park is right around the corner (Ralph C. Wilson, Jr. Centennial Park), as is the Peace Bridge. The Schaefer Malt House Lofts are also nearby (currently underway – 32 market rate apartments: a $10.3 million project).
510 Niagara Street is pleading… rather screaming for a rehab. Over the next couple of days, I will continue to point out a number of other nearby opportunities along this stretch of Niagara Street that are attracting some serious attention. All of these buildings will be on the move very soon. The question is, who will be picking them up and taking care of them? These types of opportunities are not going to be around for long, at least in this part of town. Unlike ten years ago, there has been a shift in the mindset of investors, partially due to the City’s recent infrastructure improvements and stedfast work by community activists such as Casimiro “Cas” D. Rodriguez.
510 Niagara Street is currently being listed at $274K. See listing.
Get connected: Nicholas Giambra (716) 239-6432