MULTIFAMILY INVESTOR ALERT: Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offering
substantial value-added space. Zoning CMX1. || This property is composed of a 24’ x 112' or 2,744 SF lot that contains two brick buildings: a two-story main building 21.7'x64', and a nicely proportioned one-story undeveloped accessory building 24’ x 40'. The main building contains one commercial space, plus three apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main building
permits windows on all four sides. || The vacant accessory building offers an opportunity to add a fourth large apartment or, consider adding a second level to make the property a legal six-plex, by right.
The owners purchased this property 15 years ago. They have enjoyed 100% occupancy as a steady-reliable source of income. The occupants are responsible long-term tenants. To offer flexibility to the new owner, all leases are now on a month-month basis with a 60-day notice. The longstanding commercial tenant
pays current market rent. Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural nor mechanical concerns throughout the sellers'
ownership. Dry basement, dry roof, and good bones. Handsome commanding presence, with modest curb appeal. || The market-rate financial metrics demonstrate that this offering is a solid investment opportunity for a new owner who upgrades the residential apartments to keep pace with recent lifestyle preferences and builds out the ground level of the accessory building. || Market Rate Proforma Financial Metrics:
GPI: $65,089, EXPENSES: 18.7%, NOI $49,686, CAP 10.04%. A leveraged project investment of 25% or $123,685 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.6. Ask to see the complete Financial Worksheet. || Gobble up this workhorse opportunity and grow your real estate portfolio with this solid product. Review the photos, plan view, property details, financial metrics, and give us a call. Feel free to contact us with any questions or your expression of interest. Motivated Seller. Strong opportunity to grow. Go For It!
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 3rd October, 2023 5:36 AM (UTC)