534 5th Street

Description

Great opportunity to purchase a +/-12,000 sq. ft. lot with a freshly updated +/-3,865 sq. ft. commercial building on it. +/-2,065 sq. ft. are currently leased with +/-1,800 sq. ft. of retail/office space available. The building has private living quarters attached. The rear of the building is fenced and has plenty of open space for expansion or parking. This is the perfect opportunity for owner-occupied retail with living quarters! Building Size +/-3,865 sq. ft. well-constructed building. The building was built in 1946 and renovated in 2020. The building is made up of three (3) separate suites with multiple configurations available. Zoning Zoned M-U (Mixed Use). M-U Zoning District represents a Commercial Zoning classification that permits a vertical or horizontal mix of commercial and residential uses on the same lot or within the same building. The district is intended to accommodate a physical pattern of development often found along village main streets and in neighborhood commercial areas of older cities. Income +/-2,065 sq. ft. " currently leased by Long-Term Tenants. ($1,300/month income) +/-1,800 sq. ft. " currently owner-occupied. Parking Private, Fenced, Gated Parking/Storage in Back. 20+ spaces available (Off Street & On Street). CAP Rate 9% CAP Rate property. Great annual return for an investor or investor user. Net annual return is $350,000 x 9% or $31,500 a year.