Central Supply and Rubber Company Building(110 N. 9th St)

[Uffda]

I saw this in the Sunday OWH

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$2,000,000+
Be the Winning Bidder!

Super Condo-Business Location
Steps from the QWEST Center
This the best kept secret in Omaha
Selling at Auction Sept 23rd
110 N. 9th Street

Anderson Auction
681-5008

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[DTO Luv]

I belive this is the building across the way from 902 Dodge. If it's the one I'm thinking I've been waiting for something to happen here for a while. It's the last building on that corner to get rehabbed.

[Big E]

Across east or across south?

[the1wags]

Directly east of 902 Dodge (Farrell's). It's currently storage.

[Swift]

Last I heard (which was like 3 or 4 years ago), they wanted over $1 million for it. As you can imagine, the high price sort of kills one of the main appeals of rehabbing old buildings (i.e. that the initial cost of the building isn't very much).

[OmahaChef]

This would be the building with the sign on front saying "Central Rubber and Supply".   It is directly across from the Beebe & Runyun.   If the price is right, it's a prime candidate for conversion.

[Ben]

This would be the building with the sign on front saying "Central Rubber and Supply".   It is directly across from the Beebe & Runyun.   If the price is right, it's a prime candidate for conversion.

Nope.  Sorry about that, I had seen this auction signage posted last week, and wanted to post something, but went out of town for work, and never got a chance.  Its NOT the Central Supply and Rubber Co, its the Prouty Place building, which is attached on the north side of 902 Dodge.  There are several commercial/retail bays and then a private residence.  There's more detail on Prouty Place back in some thread on here, if someone has a second, it might be nice to dig it up and link to it.

FYI, the easy way to tell is that Beebe's address is 105 S 9th.  The property being auctioned is 110 N 9th, which would have to put it on the other (west) side of 9th street (odds on one side, evens on the other).

[Brad]

Family's downtown building is on the block

http://www.omaha.com/index.php?u_page=1 ... d=10130779

OWH Image:

John Prouty has waited more than a year for someone to pounce on Prouty Place, a one-story brick building just east of 10th Street and Capitol Avenue, south of the Qwest Center Omaha. But after receiving no offers, he decided to sell it at a Sept. 23 auction.

[the1wags]

Interesting possibilities there. I like this quote from the owner....

"I always say if my price is too high, your project is too small. It's too expensive if you think you're going to put in a sandwich shop. But if you're putting in a 10-story boutique motel, then it's underpriced."

Hopefully whoever buys it will give us a clue towards any future plans.

[Brad]

"I always say if my price is too high, your project is too small. It's too expensive if you think you're going to put in a sandwich shop. But if you're putting in a 10-story boutique motel, then it's underpriced."

EXACTLY

[icejammer]

"I always say if my price is too high, your project is too small. It's too expensive if you think you're going to put in a sandwich shop. But if you're putting in a 10-story boutique motel, then it's underpriced."

16,319 sq ft lot with 8,494 sq ft building.  If you assume that someone is going to tear down the existing building to put in another building, that's ~$130/sq ft for vacant land PLUS the cost of tearing down an old building.  If the existing building is left in place, that leaves 7,825 sq ft for the footprint of a new building.  With setbacks and NO parking, that's probably less than a 5,000 sq ft footprint for a new building.  Underpriced?  I don't know, that's a pretty narrow market that could make this work.

[the1wags]

He said it, I'm just quoting it. You are also assuming a set price of (I'm guessing) the $2M. It could go for much less since its an auction. The land to the west is owned by the city so there could always be some deals struck too.

[icejammer]

wags, no offense meant by quoting your quote of the seller, didn't intend for it to be taken that way.

I'm guessing the seller won't let it go for much less than $2 million, since the seller has the retained the right to 'purchase' if the auction bid is too low.

[the1wags]

I didn't know he had placed the option on there. Is that sort of thing standard? Honestly I have no idea about property auctions. Well here's hoping that something interesting comes out of this.

[Coyote]

Ballpark buzz helps in sale of building

The NCAA's endorsement Friday of a downtown ballpark north of Qwest Center Omaha helped seal a $1.1 million deal on a building south of the arena and convention center. At a live auction Sunday, an Omaha couple who live in the Dundee neighborhood placed a winning bid of $1,050,000 plus auctioneer fees for Prouty Place, a one-story brick building just east of 10th Street and Capitol Avenue, or immediately south of the Qwest Center.

She said they have no immediate plans for the 8,500-square-foot building, which is their first investment property, although it is likely to be be a commercial use. "I would say that we are leaning toward something hopefully in the hospitality industry," Julie said. "But at this point, we really just don't know."

[icejammer]

Well, I guess the owner must have thought $1 million was better than sitting on this any longer.  Good luck to the new owners, I think they got a price they can make something work here.

[iamjacobm]

I think this building is going to be converted to apartments eventually. I am not sure if the company on the sign still uses the building or not...

[RNcyanide]

Where is this one located?

[iamjacobm]

Where is this one located?

9th and Dodge.

[iamjacobm]

I probably didn't say it well, but when I said I think it will be converted I mean I have some info that isn't exactly clear at this point. Its not just a guess.