You know who is still sinking their hard-earned dollars into the stock market? Rubes who have seen one too many E*Trade commercials, that's who. Better to put your mad money into something a little more recession-proof, like, say, the exciting Aurora Avenue flophouse industry. Intrigued? Well, according to the P-I, some investment opportunities just became available.
Per their plea agreement with city prosecutors, Dean and Jill Inman, the Bothell couple who at one time owned or operated five such low-rent motels on Aurora Avenue, have put their remaining three properties up for sale.
As detailed in our 2009 cover story, the motels were notorious dens of prostitution, drug use and other low-level crime. Which might explain why, now that they've been put on the market, each has apparently been rechristened.
The Fremont Inn is listed under its former name, the Thunderbird Motel. For it, the Inmans want $1,495,000. They're asking $650,000 for the Isabella--listed under the name Cascade Motel--and $1,150,000 for its conjoined twin, the Italia. Or as it's being currently listed, the Aloha Motel.
But be sure, potential buyer, these are indeed the same properties that were raided by police last year after the city hit the Inmans with various tax violations. And this was after years of complaints by neighboring residents. Sounds like there's nothing but upside potential in this investment.