802 West 42nd 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 802 West 42nd Street will provide more than 500 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 | $5,000 |
| Qualified rehabilitation expenditure | $30,000 |
| Non-qualified rehabilitation expenditure | $5,000 |
| Total initial cost | $40,000 |
| Federal tax credit | $6,000 |
| State tax credit | $7,500 |
| Property tax abatement (savings) | $5,000 |
| Total savings | $18,500 |
| Cost of rehabilitated property* | $21,500 |
Owner-occupied (Single Family)
| Acquisition and closing costs | $5,000 |
| Qualified rehabilitation expenditure | $30,000 |
| Non-qualified rehabilitation expenditure | $5,000 |
| Total initial cost | $40,000 |
| State tax credit | $7,500 |
| Property tax abatement (savings) | $5,000 |
| Total savings | $12,500 |
| Cost of rehabilitated property* | $27,500 |
This cottage has two bedrooms, a modest size living space and kitchen and would make a great starter project as well as a great starter home. The cottage rests on an ample corner lot that offers on street parking and a rear yard for off street parking. Built in the early 1900’s, as a one story single-family vernacular cottage, this home still offers its distinctive clapboard siding and some original interior features.
The cottage is a contributing structure within the Cuyler-Brownville National Regiseter Historic District, therefore making the home eligible for federal and state tax incentives to aid with the exterior and interior repairs. Purchased by Historic Savannah Foundation in 2008, the building underwent minor repairs after acquisition including securing all windows and doors to prevent vandalism. The building is currently stable and secure and ready to be rehabilitated. Work is ongoing to repair all windows and doors, some flooring, siding, roof patching and painting.
| Price | $5,000 |
| Square footage | 576 |
| Bedrooms/Bathrooms | 2Br, 0Ba |
| Lot Size | 45’x75’ corner lot |
| 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.