From a plugged-in reader riding the N Judah with camera phone in hand (see above):
[T]here is a great apartment building at 415 Carl Street on the N Judah Line (literally) that I’ve always liked. Now, someone is in the process of doing a much needed upgrade and restoration of this diamond in the rough.
What I was trying to find out was if it was being converted to condominiums or TICs…I can’t imagine all that work just to make it rentals, but who knows?
We don’t (other than not condos straightaway), but we wouldn’t dismiss rentals out of hand (think rising rents and little new supply). And while 415 Carl might look to be one development comprised of twelve units (which would preclude any condo conversion), it appears that the twelve units are actually spread over five separate parcels (which might open the door for TIC/condo conversions). Any plugged-in readers have a definitive answer or any additional insight to share?
UPDATE: From the plugged-in architects: “It is in fact 5 parcels with 12 units, 6 TIC’s and 6 Condo’s. They will be on the market middle of September.”
We are the architects for this project. It is in fact 5 parcels with 12 units, 6 TIC’s and 6 Condo’s.
They will be on the market middle of September. Thanks for the positive feedback!
Just curious – how did you end up with 6 TIC’s and 6 condos? Did the latter units already have condo maps before the renovation? Thanks in advance.
The limit for condo conversions is 6 units, right? Can you get around this limit by converting 6 to condo’s and the remaining 6 as TIC’s? Would you have to “Ellis” all 12 units? Is there any practical or legal limit to the number of units that can be converted to TIC’s? Would fractional loans be offered to 12 (or more) TIC owners?
Are the six TICs all in one building? Or are they spread out into say, two 3-unit buildings? Also, I can’t quite tell from the picture – is there a courtyard in the center of this compound?
If it’s 5 parcels total, perhaps some (most?) of the parcels only have 2 units, which definitely speeds up the process.
cool! thanks for the info and update….this is a great building in a great location and the remodel is outstanding…I was always worried that someone would just level the place, but they’re not! I just wish I was ready to buy, I’d get one of these like, immediately…
This is very off-topic, but please people, no apostrophes when something is made plural! You’re too educated for that!
Chloe,
Thanks for the tip about the plural of TIC. (I assume that you were referring to “TIC’s”.) I found the following from the Online Writing Lab. They suggest no apostrophe for the plural of capitalized letters or numbers – but they do imply it’s OK to do so (but old school):
Forming plurals of lowercase letters
Apostrophes are used to form plurals of letters that appear in lowercase; here the rule appears to be more typographical than grammatical, e.g. “three ps” versus “three p’s.” To form the plural of a lowercase letter, place ‘s after the letter. There is no need for apostrophes indicating a plural on capitalized letters, numbers, and symbols (though keep in mind that some editors, teachers, and professors still prefer them). Here are some examples:
p’s and q’s = a phrase indicating politeness, possibly from “mind your pleases and thankyous”?
Nita’s mother constantly stressed minding one’s p’s and q’s.
three Macintosh G4s = three of the Macintosh model G4
There are two G4s currently used in the writing classrom.
many &s = many ampersands
That printed page has too many &s on it.
the 1960s = the years in decade from 1960 to 1969
The 1960s were a time of great social unrest.
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She could have been referring to “condo’s”, which is certainly incorrect.
Can’t wait to see how much these things will go for. How much would you pay in a falling market to live next to the ever-present screeching of the N-Judah.
I say $900K easy.