Prime real estate comprising of 3 lots approximately 1.27 acres on the busy Tonique Williams-Darling Highway. 2 lots are in front of the location on which sits 2 buildings approximating 6,000 sq.ft in size represented by 2 floors approximating 3,000 sq.ft on each floor. On the ground floor of the building 1 is a currently leased restaurant and bar. At the back of it are 4 apartments (not rented) and 1 office. On the top or 1st floor of building #1 is an allocation for 8 apartments (six (6) 1 bed / 1 bath & two (2) 2 bed / 2 bath). These were gutted and must be reconstructed - all electrical wiring and plumbing are there.
On the ground floor of building 2 is a currently leased food store. Above the food store are four (4) apartments represented by three (3) 1 bed / 1 bath and one (1) 2 bed / 2 bath (only one rented). At the back of both building is a vacant lot which can be used to further expand for commercial activity or apartments. There is ample parking.
Existing income is good and if purchased can contributewell to lower new owner's debt service. Based on current income, gross cap rate approximates 4.5% for a $2 million investment. It can get better if expansion by other apartments and commercial activities are engaged.