25 x 100 Lot on Mc Guinness Blvd M-1 Zoning Two separate structures on the lot-- ~1200sf single story commercial building in front-- garage, workshop, retail, etc rent approximately $5,000/month Tenant pays all utilities/ separate meter Back Building 2 story frame house approximately 825sf per floor - 1650sf total 5 units ranging from very small studio to jr 1 bed Actual Current Rents 4 studios -- $1400 / $1000 / $1300 / $1250 2 apartments -- $1800 / $950 Can be delivered with tenants Landlord pays electric as one meter for building Gross Income: ~$144,000 a year Expenses Taxes $5,600 Insurance $2,840 Heat / Electric $6,000 Water $2,000 Subtotal $16,440 NOI ~$128,000 per year @ $2.25mm -- 5.7% cap
