Auburn, NY According to John Bouck, broker/owner of Bouck Real Estate, commercial and industrial brokers, they completed the sale of the Owasco St. retail building that has housed the “Mr. Vac” vacuum store at 95 Owasco St. The two-story commercial building was sold by Mike Hardesty, commercial sales agent with Bouck Real Estate.
The sale price was $85,000.
According to Hardesty, “The new owners have a retail plan for the building to capitalize on the busy traffic flow of Owasco St. and the close proximity of parking for the building. They are looking forward to re-developing the property, with the intent on becoming a welcome part of the Owasco St. neighborhood.”
Hardesty also congratulated the building’s previous owner, Bob Borsching, for his recent retirement. Borsching, known locally as “Mr. Vac,” has been a mainstay in the retail business of Auburn for over 30 years. He had built a loyal following at that location over the years. Hardesty said, “Bob will be missed by all here in the city, and we wish him the best.”
The Bouck firm, commercial and industrial brokers, indicated that the building was only on the real estate market for a short time.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,