HomeMy WebLinkAboutIV.B - Eljin Property Offer 1498 Riverbluff Dr.
Hastings, MN 55033
6/23/2020
HEDRA
City of Hastings | City Hall
101 4th Street E | Hastings, MN 55033
Attn: Community Development Director
Dear Mr. Hinzman:
Eljin Properties, LLC (ELJIN) is a local real estate investment company. We focus on
purchasing and rehabilitating distressed properties, and we have been in business
since 2011. We are interested in purchasing the HEDRA owned lot located at the
corner of Ramsey St. and 3rd St. East. We presented a similar offer in the past, but it
was lacking many of the enclosed details.
This lot is appealing to us mainly because we own the two adjacent properties. The
duplex located to the west of the empty lot lacks green space, and our intent is to
allow tenants to utilize the empty lot for a small garden and outdoor seating. ELJIN
will also be adding some simple landscaping features such as mulched pollinator
garden, and possibly a small-scale sculpture. Our goal for the project would be to
beautify the space while creating a functional outdoor space for our tenants.
Our offer for this property is $3000. This offer is based on several factors. First and
foremost is our belief that this represents a value above fair market, given the size
and constrictions of the lot. The attached comparable sale of 107 21st. St W
indicates a square foot value of $.46/sf, with a commensurate lot value of $1,484.42
based on the lot size of 3,227 square feet. This opinion was confirmed by a
commercial appraiser, who reviewed the details of this property when he was
performing a paid appraisal of 214/220 Ramsey Street (property directly to the
north) in 2015.
We recognize that this offer is less than HEDRA’s investment in this property. Our
offer is based on what we feel to be above fair market value, as well as our belief
that our improvements to this property will benefit both ELJIN and the city. The
landscaping improvements will beautify a property that has remained a bland patch
of grass for many years, creating what we believe is a win-win for both ELJIN and
the City of Hastings. Additionally, adding non-taxable properties to the tax roll, and
reducing city maintenance costs, are also benefits to the city.
1498 Riverbluff Dr.
Hastings, MN 55033
Lastly, we also run our main business (National Facility Solutions, LLC) as a tenant
in 220 Ramsey St. Based on recent growth, we have started to consider an addition
and renovation of that building in order to attract and accommodate additional staff
and improve the image of the company. Acquisition of this land would put us in a
position to move forward with that plan if/when the timing is good for the business.
I am happy to answer any questions about this proposal, via phone, email or in
person at the next HEDRA meeting.
Respectfully,
Scott Sinclair
Eljin Properties, LLC
scott.sinclair@natfas.com
(718) 314-6599
1498 Riverbluff Dr.
Hastings, MN 55033
Aerial image of adjacent properties
HEDRA owned lot
1498 Riverbluff Dr.
Hastings, MN 55033
Pollinator Garden Raised garden beds
6/16/2015 107 21st Street W, Hastings, MN | MLS 4555676 | Listing Information
http://www.edinarealty.com/landlots-for-sale/107-21st-Street-W-Hastings-MN-55033-140890144/print 1/8
customercareteam@edinarealty.com
Email Customer Care or Call (952) 9285563
(952) 9285563
My Rating
My Notes
Price:
$10,000
107 21st Street W
Hastings, MN 55033
County: Dakota
MLS#: 4555676
Status: Pending Sale
6/16/2015 107 21st Street W, Hastings, MN | MLS 4555676 | Listing Information
http://www.edinarealty.com/landlots-for-sale/107-21st-Street-W-Hastings-MN-55033-140890144/print 2/8
Description for 107 21st Street W Hastings, MN 55033
Vacant land. No appointment required. Previous home was torn
down.
6/16/2015 107 21st Street W, Hastings, MN | MLS 4555676 | Listing Information
http://www.edinarealty.com/landlots-for-sale/107-21st-Street-W-Hastings-MN-55033-140890144/print 3/8