Multifamily 4 Plex with Multi Tenant Shop
Commercial Industrial Zoning
FOR SALE - $649,000 @6.8% Cap
20,400 SF Lot
14 Parking Spaces
Industrial Building - 3200 SF
2 units at 1600 SF
250 SF Office with bathroom and Man door entrance to outside.
Built 1976. New paint 2018, steel roof, newer vinyl windows.
12x12 Overhead door
Swamp cooler and Gas Furnaces, Exhaust to exterior.
Both units fully leased to one tenant for 2 years through Dec 2020 @ $1800 mo.
Tenant pays gas and electric. Landlord pays water. Tenant does Snow removal.
Address 111 & 115
Unit 111 1/2 - 3 Bed/1 Bath - $925 mo - Tenant pays Gas/Elec.
Unit 117 - 3 Bed/1 Bath - $900 mo - Tenant pays Elec.
Unit 117 1/2 - 1 Bed/ 1 Bath - $646 mo - Tenant pays Elec.
Unit 119 - 3 Bed / 1 Bath - $900 - Tenant pays Elec.
Landlord pays gas on 3 units
Additional Income / Expenses
Gross Rents - $63,492
Landlord Pays water, sewer, garbage. $275 mo expense
Additional Income from (Shop #2) Leased to the Industrial Tenant ( $75mo)
10x10 Shed - $45 mo income
Landlord installed Mailboxes for all units
Landlord manages and does snow removal for 4 plex only as Shop does own snow removal
Add Value Improvements
Turn the 1600 SF shops into larger condos for $1100-1200 month.
2 Owner Occupied Shops (Garage #2, #3) could be leased for $75-100mo
Add another Storage Shed for ghost address of Unit 113
Add 1-4 small storage sheds and rent for $50 mo.
Property is located in a mixed residential and Commercial area. The units reflect pride of ownership and a well maintained investment. This Mixed use property is near a large grocery store, park, and central ave main artery street. Central Ave has 17,000 +/- cars a day. Seller completed new paint in 2018 and has this property at 95% lease rates consistently. Very low maintenance for the mostly paved lot which minimizes property management and costs.
Highlights for the 4 Plex include private washer and dryers for each unit, AC, and mailboxes onsite.
Highlights for the Industrial Shop include steel roof, exhaust fans to the exterior, steel hoses for Airguns and more. Two identical units of 1600 SF space with offices that have a private man door to exterior where clients do not have to walk through the shop for service.
This is a very unique property waiting for the 1031 buyer to place those tax dollars, or Owner Occupied Business owner needing cashflow to cancel that debt! Buy this property and play your numbers smart!