555-57 N 5th St

$1,600,000

5 Beds, 2.5 Bath, 
5,130 Finished Sq Ft

About the Property…

For visionaries, investors, and developers only, this is a truly unique property with a variety of development opportunities. There is much potential here, including renovation into a luxurious single-family home; a fabulous multi-family condo; an income-producing multi-family; an extraordinary boutique hotel; or home to a creative start-up business. The main structure was originally built as a magnificent single-family home in the 1870s including a garden where the small structure stands. In the first half of the 20th Century, the property was converted to a speakeasy last known as the Comet, which included a bar, rooms for gambling, and a bowling alley. The current owner purchased the property in 1984 and has since worked diligently to preserve its architectural beauty. At the time of the purchase in 1984, the property was zoned commercial. The property was rezoned to residential by the current owner in 2011 in order to obtain a residential mortgage. There is potential to rezone the property back to commercial use, as well as obtain a variance for a driveway cutout to convert the smaller building into a garage. Opportunity abounds. The photos speak for themselves.