|
|
3-Unit Mixed-Use Multifamily with Significant Value-Add Potential Exceptional investment opportunity featuring a mixed-use property with multiple income streams, redevelopment potential, and an included subdivided residential building lot. Property Highlights Unit 1 - Commercial Space (Approx. 1, 850 SF) Located on the first floor at the prominent Rosette Street and Dewitt Street intersection, this former house of worship offers flexible use potential. The space may be suitable for continued commercial use as a community center, office, studio, or other permitted use. Given the property's residential zoning, there may also be an opportunity to convert the space into residential units, subject to municipal approvals. Unit 2 - Residential Apartment Updated 4-bedroom, 1-bath apartment encompassing approximately 1, 400 square feet across the second and third floors. Currently rented for $2, 700 per month. Unit 3 - Rear Residential Unit Updated standalone 2-bedroom, 1-bath dwelling containing approximately 896 square feet. Previously rented for $1, 900 per month. Additional Features **Rare oversized triple corner lot offering exceptional flexibility and future development potential. **Completely fenced property providing privacy, security, and controlled access. **Two separate driveway entrances, allowing convenient access from multiple streets and accommodating additional parking or future site improvements. **3-car garage with potential for additional rental income, storage, or workshop use. **Subdivided residential lot included in the sale, creating an additional development opportunity. **Potential opportunity to construct a duplex or other residential development, subject to zoning and municipal approvals. **Value-Add Opportunities This property offers multiple strategies to increase value and cash flow, including: **Maintaining the current mixed-use configuration. **Converting the first-floor commercial space into a large residential unit. **Reconfiguring the commercial space into two additional apartments, subject to approvals. **Generating additional income from garage rentals and parking. **Developing the included subdivided residential lot. Currently configured as a mixed-use commercial and residential property, this asset is located within a residential zone, creating a unique opportunity for investors seeking both immediate cash flow and long-term upside. Current Residential Income: $2, 700/month Additional income opportunities exist through the commercial space, garage rentals, parking, and future development of the included lot. This is a rare opportunity to acquire a cash-flowing asset on an oversized triple-corner lot with multiple access points, development potential, and significant upside through redevelopment, expansion, and repositioning.
Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.
Our family of companies offer our clients a new level of full-service real estate. We shall:
To learn more about our credentials, visit raveis.com today.
Our Executive Mortgage Banker:
Our Insurance Division:
For homebuyers and sellers, our Attorney Network:
$665,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
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 | $532,000 | $532,000 | $532,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 6.125% | 6.500% | 5.625% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.230% | 6.650% | 5.866% |
| Monthly Tax Payment | $182 | $182 | $182 |
| H/O Insurance Payment | $92 | $92 | $92 |
| Initial Principal & Interest Pmt | $3,232 | $3,363 | $4,382 |
| Total Monthly Payment | $3,506 | $3,637 | $4,656 |
* 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.