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Three-story landmark building, will be delivered vacant at closing, currently utilized as an Art Gallery.
Projected income based on utilizing the main floor as retail at $5/SF (Market rates is $8/SF) and upper floors as office space at $4/SF (Market rate is $7/SF).
Cap rate comes out to 14.5% after expenses.
If utilizing market rents at $8 & $7 respectively, cap rate comes out to over 30 %
Owner Will Finance Up To 50% .
Located along Main Street and backing to the Erie Canal, this historical property is a perfect conversion to a luxury boutique hotel, apartments, offices, antique mall, live/work artist loft space, restaurant, bakery, grocery store, etc. The building consists of three stories plus a lower level that opens up to the Canal side, over 12,600 SF of usable space, high ceilings, brick and stone construction, built circa 1860's and contains an operational elevator. Plenty of parking along Main Street as well as common area spaces in the rear. Very well maintained structure. The property may be delivered vacant at closing, presently it is occupied by a single tenant who utilizes the space as an art gallery.
Owner-financing is available with only 50% down and the balance over 30 years at 8.9% interest.
Net Operating Income$45,087
- Lot: 3,200 sqft
- Multi Family
- Built in 1860
- Views: 171 all time views
- Floor size: 12,672 sqft
- Zillow Home ID: 2118452658
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Popularity on Zillow
Market guideZillow predicts Rochester Metro home values will rise 0.1% next year.
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Nearby Schools in Shelby
GreatSchools ratings give an overview of a school's test results. The ratings are based on a comparison of test results for all schools in the state.
Disclaimer: School attendance zone boundaries are supplied by Maponics and are subject to change. Check with the applicable school district prior to making a decision based on these boundaries.
Data by GreatSchools.org
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