You can’t (unfortunately) control the neighbors

There is a large commercially zoned lot next to me that just went up for sale. It was previously occupied by an immigrant church community, and they were the perfect neighbors — quiet, friendly, courteous. The only time I heard anything out of them was on Sundays, when they would sometimes hold their worship services outdoors (and even then, it was kind of interesting, being in a different language and all). The building isn’t much to brag about, but they have a large lot that goes from the southeast to northeast corners of the block.

I’m wondering, will it go to condos? Or a new apartment building? Sit empty? Become a SuperAmerica??

One the one hand, if it goes to condos, they will likely be nice, and help to improve the neighborhood. My prospective renters aren’t really on the market for buying condos (too expensive), so they shouldn’t take away from my rentability.

On the other hand, if a nice new apartment building goes up, they will likely charge lower rents than I do, and I may find myself competing with them. They won’t have all of the “old-world charm” that my duplex has, but they WILL likely have dishwashers and central air. (Not to mention off-street parking).

Either way, though, who wants to live in the shadow of a 5-story building, next to their parking lot?

Maybe some benevolent developer will buy it and put up some nice new single family houses — that would probably be the best outcome.

I’m just hoping that it goes to some residential use, rather than a gas station, liquor store, or similar, because I believe that would really cut down on the quality of living for myself and my tenants. I’m keeping my eye on the MLS to see what happens — I’m very curious, as well as financially invested in the outcome.

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