4 Unit Mixed Use Property For Sale Near Utica, NY

[Brennan Clark]

Hope it's ok to post this here, I think this property could be an excellent opportunity for an investor ready to apply some elbow grease to increase the value of the property while still being able to walk in to positive cash flow.

https://www.zillow.com/homedetails/2370-Main-St-Clayville-NY...

The building is currently fully occupied as a 4 unit. 3 residential spaces and 1 commercial space rented by the USPS. There is an unfinished space in the back that can be turned into an additional 1 BR 1 BA apartment or office space with the current half bath to turn this in to a 5 unit. The current owner uses the space as his office.

Current rents are $3115/mo ($700 on apt 1, $700 on apt 2, $800 on apt 3, and $915 for the Post Office). All tenants are month to month except for the post office who have a lease expiring next year. They have offered a 5 year lease with two five year options starting at $14,000/yr (approx $1,165/mo) but it would be up to the buyer to negotiate with them.

Current insurance is $1,400/yr, water and sewer is $800, and garbage removal is $400 per the seller.

There is an inspection report available from September to anyone who is interested in getting the dirty details!