1402 Barnard Street
Rehabilitating an historic home allows you to have the modern conveniences of a new home with the style and elegance of a historic building, and for a much smaller investment. New construction can cost $150 to $200 per square foot, yet rehabilitating 1402 Barnard Avenue will provide more than 2,000 square feet of living space at less than $100 per square foot or as little as $50 per square foot with available tax incentives*.
Income-Producing Use (Rental Property)
| Acquisition and closing costs | $75,000 |
| Qualified rehabilitation expenditure | $100,000 |
| Non-qualified rehabilitation expenditure | $20,000 |
| Total initial cost | $195,000 |
| Federal tax credit | $20,000 |
| State tax credit | $25,000 |
| Property tax abatement (savings) | $28,000 |
| Total savings | $73,000 |
| Cost of rehabilitated property* | $122,000 |
Owner-occupied (Single Family)
| Acquisition and closing costs | $75,000 |
| Qualified rehabilitation expenditure | $100,000 |
| Non-qualified rehabilitation expenditure | $20,000 |
| Total initial cost | $195,000 |
| State tax credit | $25,000 |
| Property tax abatement (savings) | $28,000 |
| Total savings | $53,000 |
| Cost of rehabilitated property* | $142,000 |
This house offers 2,080 square feet of space. The downstairs is set up for commercial space with open store space in the front and two offices or kitchen space in the back. The second floor is able to provide space for a two bedroom one bath apartment. The building sits on a corner lot right to the property line with a small rear yard.
Built c. 1900, this building is in the vernacular Italianate style. The building is located in the Thomas Square National Register Historic District making the building eligible for federal and state incentives to aid with the exterior and interior repairs in addition to local tax incentives.
Purchased by Historic Savannah Foundation in July of 2008, the building underwent stabilization in beginning in October of 2008. The building is currently stable and ready to be rehabilitated. The stabilization work included the following:
| Price | $75,000 |
| Square footage | 2,080 |
| Bedrooms/Bathrooms | 2Br, 2Ba |
| Lot Size | 28’x64’ |
| Zoning | R4 |
*Cost of property after application of maximum Federal and State tax credits (can be amortized over 10 year period) and property tax savings (over an 8.5 year period) are applied. Click here and here for more information.
For more information or to schedule a showing, please contact Dicky Mopper at 912.663.5500 or dmopper@mopper-stapen.com.