Rental manager plans to buy former Second Chance store

Michael J. Siptrott has always loved the brick building at Arsenal and South Meadow streets, even when it was vacant and crumbling.

Mr. Siptrott, owner of Conley's Rental Management, saw potential in the vacant brick building, where the name Second Chance Furniture and Appliance can still be read on a splintery sign.

"It's a great location," he said. "The traffic light there means cars have to stop. When cars stop, people look."

Mr. Siptrott moved one step closer to making Arsenal Street the new location of his real estate business Thursday, when the Watertown Local Development Corp., also known as the Watertown Trust, agreed to lend him $102,800 toward the $257,000 purchase price and renovation cost.

Mr. Siptrott will use the money to acquire the commercial space and neighboring apartment building at 447 and 445 Arsenal St., respectively.

Urging board members to approve the loan, Trust Executive Director Donald W. Rutherford said the former Second Chance building, in particular, needed help.

"It's sat vacant for a number of years and is not in very good condition," Mr. Rutherford said. "One principal reason I think we should be involved with this is the elimination of blight."

The Trust loan will be coupled with a $128,500 loan from Community Bank and $25,700 from Mr. Siptrott to complete the purchase of the buildings.

"It's the Watertown Trust involvement in this that's making the whole project and renovation of these buildings possible," he said.

Mr. Siptrott, who had been operating out of his Pamelia home, said recent growth in his business caused him to start looking for new office space six months ago.

The four Conley's Rental Management employees, who include Mr. Siptrott and his wife, Kristen M., manage 102 apartments and houses in Watertown, Carthage, Philadelphia and Evans Mills.

Since January, 40 new apartments have signed up with Conley's, Mr. Siptrott said.

With a rear parking lot that can hold 25 cars, Mr. Siptrott said, the Arsenal Street location was a perfect fit for his business.

Over the summer, Mr. Siptrott plans to overhaul the commercial space, adding new carpet, new wallboard, new doors and paint, among other improvements. He also will complete minor renovations to the four apartment units in the neighboring building and replace the windows in both locations.

The bricks will be fixed and repointed, the sign will be changed and both buildings will receive matching trim to make them look like a pair. Most of the work should be completed by the end of the summer, he said.

While all of this work is going on, the business will operate out of a small office inside the former Second Chance store. Mr. Siptrott, who expects to own both buildings by the end of June, said he will move to Arsenal Street immediately after the sale is complete.

Ultimately, he said, his purchases will pay for themselves with revenue from the apartments going toward the buildings' mortgages.

"It's a great office, a great location, very little money down, a great interest rate and the tenants pay the entire bill," he said. "Where's the loss in this?"