Mixed-use property in a prime downtown location in Florida's premier historic destination. This extensively upgraded property is made up of two buildings. One building, circa 1920, consists of a ground-floor commercial space currently used as a restaurant, with two residential apartments upstairs. The upstairs units have separate entrances and parking and are currently occupied with long-term tenants. The Highest and Best Use to maximize rental income could be a conversion to one or two short-term rentals. The proximity and walkability to the Historic area of St. Augustine make this a highly desirable option. The commercial tenant is in a long-term lease and has a reputation as one of the finest restaurants in North Florida! In addition, there is a separate, stand-alone cottage circa 1917, with a long-term tenant. The buildings have strong demand due to the excellent location and on-site parking. Tremendous opportunity to generate stable rental income.
56 Grove Avenue, Saint Augustine, FL, 32084
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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