Family plans to sell North Bend landmark for $1.5 million
October 2, 2008 · Updated 7:21 PM
Changes are in store for a downtown North Bend landmark.
The former McClellan Hotel may be losing its tenants and going up for sale, but its owner feels there is plenty of life left in the historic building and is putting it on the market. Asking price for the building: $1.5 million.
The McClellan building, which dates from the 1920s, has long been prime property for Valley real estate agents. Besides a street-level front office, the building includes nine upstairs apartments and a ground floor tavern.
It will soon be empty. Mainstay Maguire Hill Real Estate will close at that location in about 10 days. building owner Paul Petite of Black Diamond told the Record.
The Old Shanty Taverns last day in business was Monday, June 30.
Petite said hes sad to see Maguire Hill owner Terry Hill go.
Hes tried real hard, Petite said. Hill put a lot of improvements into the building, and Petite said he feels bad that Maguire Hill wont benefit from those upgrades. Still, Petite is confident that the building itself has a good business future.
It has always been the premier location for real estate offices, Petite said.
Prior to Maguire Hill, the marquee space was used by John L. Scott Real Estate.
Its got a good history of being the center for real estate companies, Petite said. I think youll see a real estate company want that place pretty quick.
The current tavern space could be transformed for a new use, and with about $200,000 in investment, the now-vacant upstairs apartments could have good cash flow potential.
Renovated upstairs apartments could lease for around $900, while studios could lease for around $700.
Petite is one of six family members who own the building, which has been in their family for more than two decades. One of the reasons the Petite family is selling the building is because its become difficult for a single sibling to manage.
Still, it is hard to part with a building that provided his mother with a decent income for 20 years, Petite said. While there are some interested parties in the North Bend area, Petite said the sale of the building is still in the very early stages.