4930 ROAD 38

Zoned UC-30 to allow 5 (five) residential units and commercial on main floor. Current layout: 2 x Third Floor Apartments, 2 x Second Floor Apartments, 2 x Main Floor Units (Res/Commercial). Projected Gross Income is a whopping approx. $139,560 with Operating Expenses being very low. Property Taxes only $2,883.53 (annual) in 2022. That's only $241/month. Utilities total approx. $6K/year, insurance approx. $4500/year. The math shows Net Income of approx. $129,000/year. That's approx. $10,750 per month over and above expenses (before mortgage costs or any improvement costs, of course). Cap Rate is approx. 20% with these projections. Property is vacant while improvements in progress. Detailed Property Information Package and Financial Illustration are provided in the document section. Estimates for remaining improvements available upon request. (id:4069)