Description

Owner User / Investor.  The owner can occupy the 3rd-floor offices with income producing first and second floors.  The owner could work on the 3rd floor, Live on the 2nd floor, and produce income from the first-floor restaurant space.  Excellent Mid Town location, zero lot line, value-added, and expandable.   Zoned MUI-A. Mixed-use intensive.  A high-intensity mixture of residential, retail, and office uses. 117 28^th Ave is a 4500 sq. ft., 3-story building. Overlooking Centennial Park. Ceramic floors, new windows, new walls well insulated, all new electricals, four electric meters, new roofing, painted inside and out, Parking spots marked, and ample street parking.  This building is fully sprinkled.  The lot size is 120×50, and more area can be constructed right to the edge of the property line and or go higher.   The Building was completely remodeled and updated with new plumbing, electrical, HVAC, roof, and buildout.  The entire building is sprinkled for multi-use.  The current total gross rental income is $10,500 per month. Restaurant on the first floor, 1500 sq. ft. paying $4000 monthly.  New large 960 sq. ft. deck for outdoor seating. The restaurant uses the basement for its walk-in cooler and the lines for the draft beer etc. Rent will increase to $5000 on June 1, 2024, and then to $6000 from June 1^st, 2026, to May 31, 2031. 10-year lease.  2nd floor has one apartment with 1500 sq. ft. of living area, #200 and #201.  Four bedrooms, two baths with two kitchens. They are leased at $4000 per month.  3^rd floor is an owner-occupied law office with a large conference room, three offices, a kitchen, and a brand-new bathroom. This unit pays $2500 monthly—2022 property taxes: $11,857.58. Insurance costs $4500+-.  Gross Income: $126,000.00. Expenses: $18,858.  Maintenance: $2500.00  NOI:  = $107,142. Cap Rate: 3.8%.

Details

Online: