Description
Great mixed-use investment located in Bungalow Park and across from the bay!! This corner property consists of two units: One commercial store rents $1,775 per month ( tenant pays half of the water) and is currently on time. The lease is "month/month" (ends December 2023), and has current tenant has occupied the unit since 2016. Upstairs needs updating and is a large two-story 3 Br 1BA with lots of space and can rent for $1,600-$1,700 per month depending on finishes. The main roof is rubber and approx. 10 yrs, rear and front porch roof one year. Property is being sold strictly "AS IS," and the price reflects the condition. Contents of the commercial store belong to the tenant and are not included in the sale. $1,751 Cash flow, 20.26% COC ROI (based on 5% vac, 5.5% int, and $50,000 repairs upstairs unit), 17.48 cap rate.
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01/2 BATHS
School Ratings & Info
Description
Great mixed-use investment located in Bungalow Park and across from the bay!! This corner property consists of two units: One commercial store rents $1,775 per month ( tenant pays half of the water) and is currently on time. The lease is "month/month" (ends December 2023), and has current tenant has occupied the unit since 2016. Upstairs needs updating and is a large two-story 3 Br 1BA with lots of space and can rent for $1,600-$1,700 per month depending on finishes. The main roof is rubber and approx. 10 yrs, rear and front porch roof one year. Property is being sold strictly "AS IS," and the price reflects the condition. Contents of the commercial store belong to the tenant and are not included in the sale. $1,751 Cash flow, 20.26% COC ROI (based on 5% vac, 5.5% int, and $50,000 repairs upstairs unit), 17.48 cap rate.
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