Description
Unique investment property in growing Byers. Property is set up with a mix of rental units. Zoned as an extended stay hotel, there are less restrictions than typical rental properties. There are 7 residential units and 2 retail/office spaces. The residential units range from studios to two bedrooms. The retail/office spaces are ready to be finished for multiple usage types. The two spaces could also be combined for a larger space. With almost a acre lot, the large area behind the building is not utilized much and provides an opportunity for expansion or for other business uses. Many updates have been completed by current owner, but there is still more to do to increase the properties value. Byers is within a good range for commuters which has kept vacancy rates extremely low. Tenants have been staying and when one becomes available it has been rented quickly. They have taken the opportunity to do renovations when a tenant moves out. The building next door was recently purchased and has had a lot of renovations and is planned to have a bar and grill. The properties rental rates put this investment above a 10% cap rate, hard to beat!
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0BEDS
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0.4ACRES
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0BATHS
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01/2 BATHS
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4,975SQFT
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$124$/SQFT
School Ratings & Info
Offered by Jts Realty.Description
Unique investment property in growing Byers. Property is set up with a mix of rental units. Zoned as an extended stay hotel, there are less restrictions than typical rental properties. There are 7 residential units and 2 retail/office spaces. The residential units range from studios to two bedrooms. The retail/office spaces are ready to be finished for multiple usage types. The two spaces could also be combined for a larger space. With almost a acre lot, the large area behind the building is not utilized much and provides an opportunity for expansion or for other business uses. Many updates have been completed by current owner, but there is still more to do to increase the properties value. Byers is within a good range for commuters which has kept vacancy rates extremely low. Tenants have been staying and when one becomes available it has been rented quickly. They have taken the opportunity to do renovations when a tenant moves out. The building next door was recently purchased and has had a lot of renovations and is planned to have a bar and grill. The properties rental rates put this investment above a 10% cap rate, hard to beat!
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