Description
Investment opportunity with strong income potential! This is a rare chance to acquire a versatile mixed-use property with significant room for increased returns. Situated on a 17,424 square foot lot, the building offers 12,742 square feet of commercial and residential space, currently configured with four ground-level commercial units and eight residential apartments on the second floor. Ample on-site parking. Currently, seven residential units and one commercial space are leased, generating $126,408 in annual income. With minimal effort to lease the remaining vacancies, this figure could rise substantially. The property is operating at a 4.35% cap rate, with a pro forma projection of 8.96% at full occupancy. While some clean-up and cosmetic updates are needed in the commercial units, there's also potential for a full residential conversion - offering an even higher return (buyers to perform their own due diligence). Financial reports available upon request.
School Ratings & Info
Description
Investment opportunity with strong income potential! This is a rare chance to acquire a versatile mixed-use property with significant room for increased returns. Situated on a 17,424 square foot lot, the building offers 12,742 square feet of commercial and residential space, currently configured with four ground-level commercial units and eight residential apartments on the second floor. Ample on-site parking. Currently, seven residential units and one commercial space are leased, generating $126,408 in annual income. With minimal effort to lease the remaining vacancies, this figure could rise substantially. The property is operating at a 4.35% cap rate, with a pro forma projection of 8.96% at full occupancy. While some clean-up and cosmetic updates are needed in the commercial units, there's also potential for a full residential conversion - offering an even higher return (buyers to perform their own due diligence). Financial reports available upon request.
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