For sale is a well maintained fully leased three-unit investment property. The property consists of two buildings; the first building is a single-story structure located in the front of the property that is a storefront and the second building is a two-story structure located in the rear of the property that has two apartments, one on each floor. The apartments and storefront are all fully leased. The apartment leases are renewed annually with long term tenants and the storefront has a three year lease. The storefront dimensions are 25′ wide by 55′ deep. Each apartment has one bedroom and one bathroom and has one dedicated parking space located behind the first building and the storefront shares the use of the parking lot with 234 Holmes Ave (the property next door). 230 Holmes Ave (Subject property) owns the driveway while 234 Holmes Ave (neighboring property) owns the parking lot. The deeds to both properties state that 234 Holmes Ave has a right to use the driveway on the 230 Holmes Ave property to access the parking lot and that 230 Holmes Ave has a right to share the use of the parking lot located on the 234 Holmes Ave property. There are 8 spaces in the parking lot and it is currently being used on a first come, first serve basis. Rental income for the first-floor apartment is $800/month and the lease renews annually. The rent for the second-floor apartment is $900/month and the lease renews annually. The rent for the storefront is $1,500/month and the lease is for 3 years and renews March 1, 2026. Total rental income is $3,200.00 per month ($35,880.00/year). Insurance is $2,657/year, taxes for 2023 are $7,500/year, and water is $720/year. The entire property is zoned Residential. To lease the front building storefront to a business an application for a variance from the Township must be submitted and approved for each new tenant.
- Medical/Consulting, Retail, Apartments, Office, Commercial