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(Some Guy)   Value of unimpressive parking lot goes from $1.8 million to $2.8 million in last 4 years; Subby clearly in the wrong business   (framinghamsource.com) divider line
17
    More: Obvious, Parking, Parking lot, Howard LLC, downtown Framingham parking lot, Appian Bridge Partners II, Limited liability company, National Broadband Plan (United States), Worcester commuter rail stop  
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723 clicks; posted to Business » on 01 Feb 2023 at 7:30 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



17 Comments     (+0 »)
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Gordon Bennett [TotalFark] [OhFark]
2023-02-01 7:55:26 AM  
For that much money I expect a king to be buried underneath it.
 
thornhill
2023-02-01 8:34:48 AM  
There's a reason why parking lots are cold "asphalt gold." They generate tremendous revenue with almost no overhead costs, and thanks to that revenue, you can sit on the land for decades while it appreciates.
 
jakedata [TotalFark]
2023-02-01 8:43:55 AM  

Gordon Bennett: For that much money I expect a king to be buried underneath it.


king Par No?

Actually that area is a huge dump and the all the freight and passenger trains through the middle of the city tie traffic in knots. They have been trying to revitalize it for 60 years. The area is a magnet for substance abuse.

Lived in Framingham for 17 years, don't miss it.
 
Axeofjudgement
2023-02-01 8:45:18 AM  
Ah multifamily housing development. Why I'll never run out of work and housing prices will never be corrected
 
Another Government Employee
2023-02-01 8:45:20 AM  
The City Tax Assessor isn't keeping up with the assessments very well.

/ I wonder if the new LLC is assembling a bunch of properties for a  project
 
BretMavrik [TotalFark] [OhFark]
2023-02-01 8:48:08 AM  
When we lived in Hong Kong, a parking spot in our building cost about $550/mo to rent, about $110K to purchase. And this was in New Territories (which roughly is to Hong Kong what Framingham is to Boston).

And it may not remain a parking lot for long. Right in downtown, next to a commuter station, purchased by a company specializing in mixed-use developments...
 
Cajnik [OhFark]
2023-02-01 9:08:06 AM  

BretMavrik: When we lived in Hong Kong, a parking spot in our building cost about $550/mo to rent, about $110K to purchase. And this was in New Territories (which roughly is to Hong Kong what Framingham is to Boston).

And it may not remain a parking lot for long. Right in downtown, next to a commuter station, purchased by a company specializing in mixed-use developments...


We paid about $25k for a spot in our building here in Prague. At least it has a resale value, there are absolutely people parking there from neighboring buildings that don't have a garage.
 
BretMavrik [TotalFark] [OhFark]
2023-02-01 9:21:52 AM  

Cajnik: BretMavrik: When we lived in Hong Kong, a parking spot in our building cost about $550/mo to rent, about $110K to purchase. And this was in New Territories (which roughly is to Hong Kong what Framingham is to Boston).

And it may not remain a parking lot for long. Right in downtown, next to a commuter station, purchased by a company specializing in mixed-use developments...

We paid about $25k for a spot in our building here in Prague. At least it has a resale value, there are absolutely people parking there from neighboring buildings that don't have a garage.


Itemizing that sort of thing sounds weird, but it makes sense. Someone who lives in a $500K single-family home with a two-car garage is probably paying about $25K per parking spot when you consider the space they take up.
 
nytmare
2023-02-01 9:40:01 AM  
There are several parking lots on Howard St, some full, some closed off, but none of them look like the file photo from TFA so I don't know where they got it.
 
sirrerun
2023-02-01 9:58:45 AM  
Fark user imageView Full Size


"That's a lot."
 
Ken VeryBigLiar
2023-02-01 10:04:15 AM  
Is this guy involved?
Fark user imageView Full Size
 
deadsanta
2023-02-01 10:50:38 AM  
Someone gambling on a boost to Framingham property values, which is a bit of a bet, but probably not in downtown next to a commuter line.  Framingham is a bit far out to be affected by Boston land values, but the market is so tight on housing here that I wouldn't be surprised to see them profit from that buy.  Of course they do low-income housing builds, but I don't see how you'd even shoehorn a big enough building into this lot to justify the price.

Actually the LLC behind it has a pair of weird buys on record, which may be a mistake, but if it's real then they just spend exactly $1.8m on two different parcels down the block from each other but with vastly different square footages.  I'm calling shennanigans on this deal, probably money laundering shennanigans.

https://framingham.patriotproperties.com/SearchResults.asp?SearchOwner=APPIAN+BRIDGE+PARTNERS+II,+LLC
 
deadsanta
2023-02-01 10:55:36 AM  
sorry that's weird, the link returns nul value but when I manual enter it I get the correct results.
Fark user imageView Full Size
 
edmo [TotalFark] [OhFark]
2023-02-01 11:07:55 AM  
When I lived in Illinois, the county increased the valuation similarly in a short time. Of course, none of us sold our homes for the kind of money the county imagined we'd get, but they collected more taxes.
 
iamskibibitz
2023-02-01 11:26:22 AM  

thornhill: There's a reason why parking lots are cold "asphalt gold." They generate tremendous revenue with almost no overhead costs, and thanks to that revenue, you can sit on the land for decades while it appreciates.


Parking lots, golf driving ranges, and self storage facilities all have the same business model. Buy land when it's cheap, run a simple but strong cash flow business that covers the cost of mortgage and returns a profit, and when it's time to retire or return cash to your investors, sell the land (which is now worth 10x what you originally paid for it and fully paid off).
 
daveb0rg [TotalFark]
2023-02-01 3:42:40 PM  

iamskibibitz: thornhill: There's a reason why parking lots are cold "asphalt gold." They generate tremendous revenue with almost no overhead costs, and thanks to that revenue, you can sit on the land for decades while it appreciates.

Parking lots, golf driving ranges, and self storage facilities all have the same business model. Buy land when it's cheap, run a simple but strong cash flow business that covers the cost of mortgage and returns a profit, and when it's time to retire or return cash to your investors, sell the land (which is now worth 10x what you originally paid for it and fully paid off).


"cash flow" business.
 
Raptop [TotalFark]
2023-02-01 4:47:47 PM  

sirrerun: [Fark user image 850x471]

"That's a lot."


thumbs.gfycat.comView Full Size
 
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