Woodframe buildings tend to stick around much longer than 40 years. They simply move slowly downmarket over the decades, and generally remain rentals.
Even if a building loses half its value, it might be worth $150,000 per unit. For 150 units that's $22,500,000. If it's one acre, that's a hell of an expensive way to get developable land...double the price for even the latest Union Station sale if I recall. The cost and expense of kicking people out and demolishing isn't trivial either.
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"Alot" has never been a word.
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