556 Pepper Street, Monroe (Upper Stepney), CT, 06468 | $645,000

If you are a contractor and need a place to live, rent for additional income and lease out a separate 2 bedroom apartment on one site, this is for you! This I2 Industrial zoned, which has a grandfathered residential 2-family house, delivers on every level-whether you seek a home-based business location, a contractor's yard, or a future commercial development. opportunity. The property location provides the abundant parking and exposure required for an auto enthusiast, landscaper, electrician, or HVAC professional, while the backyard remains a true sanctuary. A portion of the acreage consists of protected wetlands, ensuring a permanent privacy buffer and lush views leading to a private wooden bridge over a babbling brook. Enjoy direct access to the Rails-to-Trails system for miles of hiking and biking right from your back door. Rest easy with a brand-new roof 2025, independent AireForce heat pumps 2021/2025, and modernized kitchens and bathrooms featuring stainless steel appliances and new cabinetry 2021-2025. This grandfathered and legal 2-family house is currently being used as a 1-family/one unit residential house for his family, while utilizing the exterior for parking his work trucks. The owner will put back the separating wall if requested to bring it back to 2 units. Separation is by 2nd staircase hallway. A new owner can keep it as a residential house for their own family, they can bring it back to a 2-family house by having the owner put back the wall that separates the units AND/OR can use part of the house for business and part for residential. This is a unique opportunity for the person that wants a place to live, work and obtain potential investment income.

Features

  • Town: Monroe
  • Current Use: Residential 2-family house as a 1-family house
  • Permitted Use: Residential Income, Commercial offices, I2 Uses
  • Utilities: Electric,Telephone,Cable
  • Garage: Parking Lot,Unpaved
  • Parking: 12-car
  • Heating: Baseboard,Heat Pump,Hot Water,Zoned
  • Cooling: Central Air,Heat Pump,Zoned
  • Units: 2
  • Zoning: I2
  • Frontage: Municipal Street,Paved Road
  • Year Built: 1932
  • Approx Sq. Feet: 3,768
  • Acreage: 1.33
  • Est. Taxes: $9,065
  • Lot Desc: Some Wetlands,Treed,Level Lot,Cleared
  • MLS#: 24177021
  • Website: https://www.raveis.com
    /prop/24177021/556pepperstreet_monroe_ct?source=qrflyer
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Listing courtesy of Coldwell Banker Realty   Phone: (203) 452-3700

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Frank KolbSenior Vice President - Coaching & Strategic, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 81725

203.980.8025

Frank.Kolb@raveis.com

Our Executive Mortgage Banker:

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Our Insurance Division:

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556 Pepper Street, Monroe (Upper Stepney), CT, 06468

$645,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Frank Kolb

Senior Vice President - Coaching & Strategic

William Raveis Mortgage, LLC

Phone: 203.980.8025

Frank.Kolb@raveis.com

NMLS Mortgage Loan Originator ID 81725

5/6 (30 Yr)
Adjustable Rate Conforming*
30 Year
Fixed-Rate Conforming
15 Year
Fixed-Rate Conforming
Loan Amount $516,000 $516,000 $516,000
Term 360 months 360 months 180 months
Initial Interest Rate** 6.250% 6.490% 5.750%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 6.474% 6.640% 5.972%
Monthly Tax Payment $755 $755 $755
H/O Insurance Payment $92 $92 $92
Initial Principal & Interest Pmt $3,177 $3,258 $4,285
Total Monthly Payment $4,024 $4,105 $5,132

* 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.