22 N State St

Highlights:

• Days on Market: 69
• Heating: Baseboard - Electric, Forced Air

Description:

Prime investment opportunity at 22 N State St! This mixed-use commercial property offers immediate income potential and significant value-add opportunities. The first floor is leased to a long-term tenant at $2,500/month, with an additional newly approved commercial space in the lower level (separate entrance) projected to rent for $900-$1,000/month. Four residential units on the upper floors, each with private entrances, generate a total of $6,850/month (Units 1 & 2 at $1,850 each with recent increases, and Units 3 & 4 at $1,650 and $1,500, both month-to-month with room for rent adjustments). The 14-space parking lot serves tenants and commercial use, with one space currently rented for $50/month and potential for more. Recent upgrades include a fully replaced roof (2 years), and updates to electrical, plumbing, security and fire systems, and exterior (all within 3 years). The property is currently at a 9% CAP rate and 10.6% cash-on-cash return, with the potential to exceed a 11% CAP rate and 17% cash-on-cash return with market rent adjustments. Don’t miss this high-performing asset—contact us today for detailed financials and a private tour!