849 N 4th St

Description

Location, location, location! Mostly remodeled Class B+ 11,000 SF, Mixed Use Apartment, Office, Retail, Warehouse Building For Sale. This corner building is located in the heart of the Midtown Walking District off 4th St with nearly 8,000 cars passing one-way each day. There is ample street parking and 2 free adjacent public parking lots with 40 spaces.Top floor has 4 one bedroom apartments and 1 two bedroom apartment that has recently been fully remodeled. Each apartment unit is in great condition and the market supports rent rate increases every 6 months.Main floor is 3,800 SF newly renovated and includes a newly signed anchor tenant with a strong 5-year lease. With 5 remaining retail/office units (2600 SF) available, there is major cash flow opportunity available.This floor also includes 10'x30' of prime outdoor patio frontage, 2 new ADA bathrooms, new HVAC throughout, luxury LVP flooring, Smart metering throughout, and much more! Basement is 3,800 SF finished and available to rent out with a bathroom, kitchenette, concrete flooring, garage door that has a covered driveway to the back alley. Other improvements include a new membrane roof, new HVAC, new exterior paint, and many other smaller updates. The building is projected to be 100% leased by January 2020 and estimated to bring in over $13,000/mo which puts it at a $2 million dollar valuation at 5.65 cap rate. This is a major opportunity to make over $500,000 in equity in a short amount of time while enjoying cash flow. Price will rise as new tenants sign leases.