85-87 Main Street

Description

Investors take note of this nicely maintained 4 story brick commercial building that has a first floor commercial rental that consists of approximately 1800 sq. feet and it has been used as a Cafe for years now its a retail business. The second through fourth floors have a total of 9 one bedroom apartments, having 3 on each floor and having access via stairs or elevator. The current rental income and expenses are producing an 10 plus cap rate. The building was modernized in the 1980's and has 2 Dedietrich oil fired boilers, 2 meters, insulated double hung windows in residential units, 2 sixty gallon hot water makers off boilers, membrane roof, all residing on a 50x61 commercial lot that is directly across from the well known park and offers great street exposure. Prime time to purchase in downtown Fair Haven as there has been a lot of interest in various business's wanting to establish in town. A downtown revitalization committee has been formed to draw more people to downtown. The towns central park holds numerous yearly functions producing large gatherings to the town. Now is the time to invest in downtown Fair Haven. HAP contract in place, so hardly any vacancies available in the residential units. Gross income $124,800 NOI is over $79,481