The Lexington, a 1912 Victorian Three Flat
The Lexington Tri: two Victorian bungalows & a SOHO loft!
Our Investment Property Doctor, Charlie Hornig presents 35 Lexington Parkway. A 1912 Victorian triplex that represents decades of owner occupant care. Her ten foot ceilings are bordered with choice grade burled oak, tiger stripe that a boat builder would salivate over.
Our client Mike is a professional building owner, specializing in units that he himself could reside in, this offering is striking in both size and level of finish throughout her 4300 plus above ground footage. Prior to his ownership, the previous owners residing in 1912 for decades, falling for their neighbor, and asking him if he would have interest in her torch passing, as they approached retirement.
Built 1912, 4320 FSF, 1590 foundation size
4200 gross rents- 1450/ 3bdr units 1 & 2, 1300 attic suite
Updated kitchens on all levels- attic suite complete renovation
Newer mechanicals- boilers, roof, and window inserts
Her walkability score is off the charts, steps north of the Summit running paths, walkability to William Mitchell, Concordia & Macalester College. Steps to shopping on Grand, the newly restored Lexington supper club, Corepower, Salut, & Kowalskis.
Double hung windows have been updated in the lower unit. Leaded glass built-in has beveled original mirrors for cocktails and dining elegance. The space in these original units is truly gracious- living rooms sprawl to walkout porch with chair rail crown molding throughout. This is important to the discerning landlord as you can coach your tenants to use picture hangers, keeping your plaster walls flawless following a fresh coat.
The oak pocket doors flow into one of the three bedrooms, owner occupants or single couple tenants could use this room as a formal media room, which is common in most victorian classics with this floorplan.
Radiators from this victorian era are rich with ornate detail. 35 has had a majority of her radiators restored, which offers the hook you want when running an income property, as this kind of period detail insulates you from modern apartment supply and demand.
Original units have floor to ceiling cabinetry walls- this is a huge opportunity for cosmetic updating, a strip, stain, varnish application here with new hinges, pulls and knobs. This is a striking update, that can be completed with an investment that is heavier on time that capital resources.
The second story boasts a walkout porch, douglas fir wideplank is asking for a refinish here, giving you the woodwrapped brick mood!
Second floor unit is a touch altered with enamel detail on the fireplace surround, again the choice grade of burled oak is depicted well in the dining room photo.
The Loft @ Lexington
Third Floor- a departure into what feels like a well traveled airbnb loft, AMS, NYC?
Finished with NYC inspired design- incorporating classic finishes, natural light, walk-in closets. This unit was leased moments after it's completion, and while under-rented, the current tenants are dreamy stewards with clean lined style and busy travel schedules.
Two large bedroom with walk-in closets and period sliding doors. Skylit living space is open to the kitchen, and provides an social flow that your tenants wont be able to replace. We commend the seller on this renovation, he did a terrific job with this unit, considering a desired private sleeping quarters coiled with open flow, in the tree tops.
We are pleased to be presenting this stately investment property. Asking price is $495,000, offers are due Sunday at noon, following our Mimosa Open from 11-2 on Saturday April 29th