3 Elizabeth Lane, that dead end off of Riverside Lane in NoPo has a contract after sitting as an empty lot the past year. The list price was $1.895 million but because the house hasn’t been built yet I’m sure that price will be adjusted up or down depending on what the buyer specifies. 3,000 square feet plus a finished basement.
If a modest house at this location can command a price like this then I’d consider 114 Hendrie Avenue in Riverside proper, asking $790,000, as an investment property. Pay, say, $750,000, build a house (listing broker Tom Gorin suggests building “a modern-day Murphy house” which, as residents during the 60s will remember were cheap, indestructible homes, all of which are still standing) and rent it out for the next twenty years at $8,000 per month to corporate executives. Yes, it backs up to the tracks and yes, the tracks here are not down in the noise-muffling trench that begins further on, but you’re 500′ from Riverside School and not much farther than that from Eastern and the train (assuming your tenant prefers to use the station, rather than hop a freight in his backyard). You financial wizards can do the math on this but it seems like a good proposition to me.