Est. Mortgage: $/month
MLS Number 4842877
- Acreage 3.81
- Zoning Mixed
Existing 30,000 sq ft Income producing property, with towns ZBA density approval for 16 residential units in addition to some of the existing commercial spaces. Property is serviced w/town water/sewer, Unitil planning to install natural gas along railroad ave 2021. Almost 99% occupancy based on 4yr sq ft #'s, great mix of tenants, close proximity to major commuting routes. 11 minutes from Amtrak Terminal. Building is fully sprinkled, majority of existing tenants pay their own water usage, electrical consumption, heat, trash and snow plowing. Building is an old shoe mill, Phase I & II environmental study analysis 2006 on file, Broker/Family Interest: over the years we have upgraded certain parts of the building to create a small business community. The next phase of the evolution of this property could be the construction of several duplexes. the town approved the density criteria of 16 residential units. The next owner may want to build a small 16 apartment building creating another stream of rental income in conjunction with some of the existing commercial building. The existing building consists of 13 Units. Contract rent 157K w/37K of expenses. The conceptual plan we have designed for the redevelopment of the property isolates the new residential duplexes via a ROW on an abutting property & keeping business traffic separated from residential. The new residents can walk to the post office or starbuck or hit the recreational trail for a hike or snowmobile ride.
Listed by Jack Murray of IKAN Property Advisors, LLC