{"id":5162,"date":"2024-04-11T22:26:45","date_gmt":"2024-04-11T22:26:45","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/11\/investment-with-interest-100-year-old-bank-building-in-ut-offers-high-yield-potential-for-249k\/"},"modified":"2024-04-11T22:26:45","modified_gmt":"2024-04-11T22:26:45","slug":"investment-with-interest-100-year-old-bank-building-in-ut-offers-high-yield-potential-for-249k","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/11\/investment-with-interest-100-year-old-bank-building-in-ut-offers-high-yield-potential-for-249k\/","title":{"rendered":"Investment With Interest: 100-Year-Old Bank Building in UT Offers High-Yield Potential for $249K"},"content":{"rendered":"

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Realtor.com<\/p>\n

<\/p>\n

A building for sale is money in the bank.<\/p>\n

The owners of the former Lewiston State Bank<\/a> property in Lewiston, UT<\/a>, sure hope so, anyway. The building is listed for $249,000.<\/p>\n

To say it needs some work is an understatement. In fact, it needs a complete overhaul. But that\u2019s no longer of interest to Katie and Brad Gibbons<\/strong>, who bought the building as an investment\u00a0<\/strong>in June 2023.<\/p>\n

\u201cI\u2019m a dental hygienist, and one of my patients mentioned this property; and I said, \u2018Yes, I want it; I don\u2019t even care what state it\u2019s in,’\u201d Katie Gibbons reveals. \u201cI signed the contract before we even walked through it.\u201d<\/p>\n

Then they saw it.<\/p>\n

\u201cThe roof drain had not been connected for decades, so the roof was kind of rotten, the upstairs floor was ruined, and the main floor was ruined,\u201d she recalls. \u201cIt was like three levels of wood just falling down. It was in bad shape.\u201d<\/p>\n

The former bank is in need of a total overhaul.<\/p>\n

Realtor.com<\/p>\n

The 3,312-square-foot building dates back to 1924. Of the bank\u2019s original furnishings, only the vault remains.<\/p>\n

\u201cThe door is rusted and won\u2019t swing,\u201d Gibbons says. \u201cThe vault is there and the original door is there. It will probably have to be removed and used as a decoration somewhere.\u201d<\/p>\n

The couple bought the property in hopes of turning it into a single-family home and flipping it.<\/p>\n

\u201cIt would be large and just incredibly unique,\u201d Gibbons says. \u201cI would use that big, main, open room as a great room with kitchen, dining, and living [areas]. The vault would be a pantry.\u201d<\/p>\n

The Gibbonses have poured money into the bank project and are selling it to fund another project they\u2019re working on\u2014their own house, which they are building nearby.<\/p>\n

\u201cI really love it, but we\u2019re paying a lot in interest; so if I did sell it, it would help fund my house,\u201d Gibbons says of the bank building. \u201cThat\u2019s the only reason I listed it.\u201d<\/p>\n

While in a state of disrepair now, the former bank actually has an interesting history. Architect Fred Hodgson<\/strong> designed the building, and several of his other designs are on the National Register of Historic Places.<\/p>\n

\u201cIt was very fancy at the time,\u201d says Gibbons, who owns the building\u2019s original blueprints.<\/p>\n

She says the high ceilings, windows, and brick give it an industrial feel.<\/p>\n

\u201cIt\u2019s so unique,\u201d she adds. \u201cI\u2019ve never seen anything like it. If it was a single-family home, it could be modern industrial and yet cozy.\u201d<\/p>\n

Gibbons estimates the bank project will probably cost about $200,000 to finish, and the buyer might need some patience with the permitting process.<\/p>\n

The property is currently zoned commercial, but the listing notes that Lewiston City Planning and Zoning has \u201cexpressed willingness to accommodate a zoning change\u201d to other uses, such as multifamily, single family, or mixed use.<\/p>\n

Gibbons says she loves the bank project and hopes someone else will want to finish the job.<\/p>\n

\u201cI want a buyer who\u2019s going to see it through to the end,\u201d she says.<\/p>\n

The post Investment With Interest: 100-Year-Old Bank Building in UT Offers High-Yield Potential for $249K<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Realtor.com A building for sale is money in the bank. The owners of the former Lewiston State Bank property in Lewiston, UT, sure hope so, anyway. The building is listed for $249,000. To say it needs some work is an understatement. In fact, it needs a complete overhaul. But that\u2019s no longer of interest to…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":5163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=5162"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/5163"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=5162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=5162"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=5162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}