The owners of clothing store AlterNatives recently bought the building the store occupies for $430,000. (Jack Jacobs photo)
In a bid to steady its rent for the long run, a Carytown clothing store has become its own landlord.
The owners of AlterNatives Boutique at 3320 W. Cary St. bought the building it calls home from Jim Stevens for $430,000 in a deal that was recorded with the city in early May.
The threat of rising rents motivated AlterNatives owners Ben Blevins and Guadalupe Ramirez to buy in order to better shoulder the costs of doing business. The boutique has operated at that 1,100-square-foot, one-story building for more than 20 years.
“The problem that all the local merchants face is that the property tax and rent payments keep going up while the volume of sales and margins are not increasing,” Blevins said.
AlterNatives sells clothing, jewelry accessories and home goods.
Ramirez runs the store’s day-to-day operations while her husband Blevins keeps the books.
The property was most recently valued at $410,000. Stevens bought the property for $62,000 in 1983, according to city property records.
AlterNatives isn’t the only recent tenant-turned-owner in Carytown. Citizen Burger Bar owner Andy McClure bought his restaurant’s space for $1.5 million in April.
The owners of clothing store AlterNatives recently bought the building the store occupies for $430,000. (Jack Jacobs photo)
In a bid to steady its rent for the long run, a Carytown clothing store has become its own landlord.
The owners of AlterNatives Boutique at 3320 W. Cary St. bought the building it calls home from Jim Stevens for $430,000 in a deal that was recorded with the city in early May.
The threat of rising rents motivated AlterNatives owners Ben Blevins and Guadalupe Ramirez to buy in order to better shoulder the costs of doing business. The boutique has operated at that 1,100-square-foot, one-story building for more than 20 years.
“The problem that all the local merchants face is that the property tax and rent payments keep going up while the volume of sales and margins are not increasing,” Blevins said.
AlterNatives sells clothing, jewelry accessories and home goods.
Ramirez runs the store’s day-to-day operations while her husband Blevins keeps the books.
The property was most recently valued at $410,000. Stevens bought the property for $62,000 in 1983, according to city property records.
AlterNatives isn’t the only recent tenant-turned-owner in Carytown. Citizen Burger Bar owner Andy McClure bought his restaurant’s space for $1.5 million in April.