Exceptional mixed-use investment property offering strong income potential and significant upside. Situated on a 9,000 sq. ft. lot with approximately 3,221 sq. ft. of rentable space, this well-maintained building consists of one ground-floor retail unit and two fully renovated two-bedroom apartments on the second level.
The residential units were completely renovated approximately four months ago and feature gas-fired central heating and air conditioning, providing modern comfort and efficiency for tenants. The retail space and basement are serviced by oil-fired hot water heat and wall-mounted air conditioning units.
The property also includes a full basement offering ample storage space, a detached two-bay commercial garage, and an on-site 12-car parking lot, providing excellent convenience for both residential and commercial occupants.
Each unit is separately metered for electricity, allowing tenants to pay their own electric, gas and oil utilities bill. The building is serviced by 200-amp electrical service.
Investment Highlights
Mixed-use building with 1 retail unit and 2 residential apartments
Two renovated 2-bedroom apartments
Approximately 3,221 sq. ft. of rentable space
9,000 sq. ft. lot
Detached 2-door commercial garage
12 dedicated parking spaces
Full basement for storage
Separate electric meters for each unit
Residential units feature gas central heat and central air
Retail space and basement feature oil-fired hot water heat with wall A/C units
200-amp electrical service
Tenants pay their own utilities
Financial Summary
Current Monthly Gross Rental Income: $7,540
Annual Gross Rental Income: $90,480
Annual Operating Expenses (including taxes): $52,449.07
Current Net Operating Income (NOI): $38,030.93
***Utilities***
Taxes- $41,044.86 Annual
Sprinkler Alarm System- $1,270.92 Annual
Snow Removal- $1,200 Annual
Insurance- $7192.08 Annual
Internet- $1,575.48 Annual
PSEGLI- $65.73 Annual
Water- $100 Annual
Rental Incomes Per Unit
- Retail Space- $2040
- Apartment 1- $2300
- Apartment 2- $3200
- Garage- $0
The retail space offers the opportunity for rental increases to current market rates, providing investors with the potential to achieve an estimated 7% capitalization rate. With renovated residential units, separate utilities, abundant parking, and additional income potential, this property presents an excellent opportunity for both investors and owner-users seeking stable cash flow with future upside.
******All information provided is deemed reliable but is not guaranteed and should be independently verified by prospective buyers and their representatives. Property details, including but not limited to square footage, lot size, income, expenses, zoning, permits, taxes, leases, and all other information, are subject to verification. The listing broker and listing agent make no representations or warranties, express or implied, as to the accuracy or completeness of the information provided and assume no responsibility for any errors, omissions, or changes. Buyers are advised to conduct their own due diligence before entering into any agreement**********
