Under contract-accepting backup offers. Great potential for an income producing property! This 2, 258 sq foot stand-alone College Park bungalow is currently in use as a trendy hair salon. The property not only boasts walkability in this popular, thriving area but has endless business potential. As you enter the central area, you are met with an open and airy space divided by 4 hair care stations, a sitting area, and a bay with sinks to rinse. Down the central hallway there are 3 private and rentable suites, along with a kitchen and laundry room with side entrance. These suites even have extra added ventilation. A separate oversized bonus suite, accessible from the back of property with its own private entrance, has an ensuite and due to the commercial & residential mixed-use zoning, can be transformed into a studio apartment or opened up to the main building to be a 4th interior suite. Estimates for a hairdresser’s chair rental is between $800- $1, 000 monthly and the property conveys with 4 ready to go stations (although 6 can easily fit in the space). The rent for the suites is estimated to be even higher than the chair rentals! Parking lot in back has 5 dedicated spots, plus on street parking. The walkability to College Park along with the extensive road frontage and signage will create an optimal environment for business success. Come view today before this one-of-a-kind, desirable property is snatched up!
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William Raveis Real Estate
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RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $559,200 | $559,200 | $559,200 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.250% | 6.990% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.945% | 7.159% | 6.286% |
Monthly Tax Payment | $531 | $531 | $531 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,815 | $3,717 | $4,719 |
Total Monthly Payment | $4,438 | $4,340 | $5,342 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first 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.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.