47 Madison Avenue - ANNEX
This is a 7 bedroom, 3 bathroom house on a 100 x 52 foot lot at 47 Madison Avenue in the Annex.
It is a large, old heritage house that was designed by Eden Smith...
Which means it can't be torn down.
And because of that, I have no idea what is going to happen with this place.
It could be a huge, amazing single family house, but...
These are the neighbours...
That is 3 guys sitting on the front porch across the street from this house and that is a fraternity house.
Actually, that is just one of many fraternity houses nearby
as this house is basically right at the top of Greek Row...
And it's also not too far from the Madison...
Not awesome for a family.
So, I can't imagine someone would spend the money that this house needs to fix it up, on top of the cost of the house...
Which is $2,200,000...
To live on Greek Row.
But I can see this being bought by a company like Rue de Lux who would turn this house into executive rentals.
Except that is what I thought was going to happen to the houses at 61 and 63 Madison Avenue just up the street...
That sold for $3,250,000 two years ago.
They are still rentals with the same tenants, one of which emailed this listing to me (thanks!) pointing out that their rent has basically doubled!
So....
Other than an income property...
I have no idea what this could be.
