FOR SALE  -  Commercial and Residential  Property 

Commercial Office Building with 3 - 2nd floor Income Producing Residential Apartments
Property is zoned General Business 

915nm1.JPG (23124 bytes)   

Property Location:   915, 917, 919 N. Main Street              

List Price:   $629,000     (Brokers Protected)

Property Tax Map:  041 C 41-A        

Zoning:  B2     

Acres:  0.997 Acres    (43,416 Sq. feet)

2017 Assessment:    Land -  $238,800    Improvement -  $283,800   Total -  $522,400

Building Size:   1st floor:  30x90 = 2,700,  2nd floor: 30x90 = 2,700, Basement: 30X70 = 2,100

Description:

 915 N. Main Street:  2nd floor with 3 apartments.

2nd floor Residential. Continued non-conforming use since the building was built the 1950s.  Permitted by the City to continue as residential use providing there are no residential use lapses of more than 24 months.  By right these apartments can be converted to business use, however if used for business more than 24 consecutive months the non-conforming residential use will be lost.  

Apartment 1  -  2 bedroom front apartment is rented through June 2018 at $720.00 per month.
                            Renewed lease signed:   June 2018-2019 at $750.00. (new Tenants)

 Apartment 2  -  1 bedroom center apartment is rented through June 2018 at $615.
                            Renewed lease signed:   June 2018-2019 at $645.   (same Tenant)

Apartment 3  -  1 bedroom, 1 Den rear apartment  with 10x30 deck and fenced yard  is rented through June 2018 at $720 + $90 for two dog rent per month.   Renewed lease signed:   June 2018-2019 at $750 +$90 pets = $840.00.   (same Tenants same 2 dogs)

Monthly rent 2017-18 =  $720 + $615 + $720 + $90 (pet) = $2,145 monthly   ($25,740 annual)

Total rent for 2018-19 = $2,235 per month =  $26,820.00

UTILITIES:     Owner pays water/sewer and trash.    Tenants pay electric and natural gas for heating and water heat.

Photos and floor plans for the three 915 apartments:

 915 N. Main Apartment 1    ,   915 N. Main  Apartment 2,       915 N. Main Apartment 3

 

917 N. Main Street:  1st floor front 60% of the building.

Front of building has front entrance, a large open commercial space, private office and half bathroom.  This connects in the rear to the 919 N. Main street space. 

Building is 30x90 feet and 917 is approximately 1600 square feet.

919 N. Main Street:  1st floor rear 40% of the building with basement.

Rear of building has side entrance on North side of the building as well as a rear door and access to walk out basement.   Currently configured with a Lobby, a half bathroom, supply room/Kitchen combination, 2 large offices.

Front entrance, a large open commercial space, private office and half bathroom.  This connects in the rear to the 919 N. Main street space. 

Building is 30x90 feet and 919 is approximately 1100 square feet.   Walk out basement is approximately 30 X 70 feet with windows and 2 garage doors in the rear section. 

Purchase options    (check with your lender for actual rates and down payment based on your credit and down payment)

Lease purchase with $10,000 down and 30 year amortization.

Bank financing with 20% down and 20 year amortization for owner occupied >50%

Lease Purchase

Owner Finance (5 year)

Bank Finance

30 year amortization

30 year amortization

20 year amortization

Purchase Price

$629,000.00

$629,000.00

$629,000.00

Down Payment

$10,000.00

$125,800.00

$125,800.00

Amount Financed

$619,000.00

$503,200.00

$503,200.00

Rate

6.50%

6.00%

4.15%

30 year amortization

$3,912.50

$3,016.94

20 year amortization

$3,089.21

city Taxes

$351.56

$351.56

$351.56

Insurnace est.

$200.00

$200.00

$200.00

PITI

$4,464.06

$3,568.50

$3,640.77

2017-18 Apartment rent

$2,145.00

$2,145.00

$2,145.00

difference

$2,319.06

$1,423.50

$1,495.77

2018-19 Apartment rent

$2,235.00

$2,235.00

$2,235.00

difference

$2,229.06

$1,333.50

$1,405.77

Contact Glenn Loucks for more information.   540-908-8757        glenn@castleproperty.com