More retail space is one possible outcome
The Villa Marina building, located at 1928 43rd Avenue E., and its neighbor directly to the north were both listed for sale last week. Villa Marina is an almost-unique Madison Park property, with its mix of retail, office and residential units. In addition to the five or six apartment residents, the 1921 building is home to Park Bench Gifts, Tazo Salon and an architectural firm, Shoesmith-Cox Architects. There is also one open retail space, recently vacated by the Aegis Living sales office. The two-level, 9,300 sq. ft. wood-frame structure is listed for $4.5 million.
The property is managed by Lakeside Capital Management, whose principal, Dennis Daugs, had this explanation for selling the building at this time: "The Villa Marina property has been thoroughly and carefully upgraded over the past decade. The property is jointly owned by a number of investors who are all getting older and have different financial goals. My role is simply as manager of the fund and co-investor. Selling to a long-term owner who wishes to acquire this trophy asset at appraised value would be a win for all." Daugs also notes that his building contrasts with others in Madison Park, some of which are "poorly cared for" and have "absentee owners."
Also now for sale is the building in which Lakeside has its offices (1938 43rd Avenue E.) and whose lower floor is home to IndieFlix.
This 1941 wood-frame structure contains 5,700 sq. ft. and boasts a mightly fine view from its upper-level deck:
Daugs reports that it's his intention to have Lakeside lease back the space from the new building owner. The listing agent, Kidder Matthews, notes in the listing information for the property, however, that it is "suitable for street-front retail use" and that Lakeside would be willing to vacate the space for the new owner. That raises the intriguing possibility of having another retail shop or two, or even a restaurant, in this location. The building is listed at $3 million.
The property is zoned for multi-family residential, so a new owner could choose to replace the building and go that direction.
Interestingly, Villa Marina was not the only Madison Park apartment building to go on the market last week. A five-unit building at 633 33rd Avenue E. was also listed, with an offering price of $1,700,000.
[Middle photos courtesy of Kidder Matthews.]