4 story brick/stucco building currently occupied by 3 office tenants and 4 apartments in approximately 7,200 SF of rentable space. The current use is:
1st Floor: office tenant leased to Attorney; (1,800 SF of Rentable Space)
2nd Floor: office tenants (Attorney and Doctor's office) (850 SF per space) (Possible Conversion back to residential usage)
3rd Floor and 4th Floor: 2 Apartments per floor (850 SF per space)
All of the tenants are responsible for paying their own utilities and the property has a current green card. There is significant upside potential in the rents on this property. The current average rent for the apartment units is $1108.00 per month. Comparable sized upgraded units in the area are renting out for at least $2.00/SF or $1700.00 per month.
The property also has a Metro PCS Cell phone antenna. The rights to the antenna were sold to a 3rd party for a 10 year term in 2011. The revenue generated from this antenna will revert back to the owner of the property in September 2021 and should generate approximately $2,433 per month in additional income.
Based on current zoning laws passed in the area there is also a possibility of adding additional units to the building by building up in the future.
