Overview
Underway Rehab Project with Options
This 3,750 SF building is currently undergoing remodeling and is available for sale at any stage of the rehab. The property, previously multi-unit and currently zoned RSA-5, presents a strong case for grandfathering variance approval. The current framing allows for various uses, including five apartments (zoning variance required), four apartments, a triplex, a duplex, or an extra-large single unit suitable for assisted living or group housing with 10 to 12 bedrooms. Completed work includes architectural plans, framing, new windows, rough plumbing, rough electrical, and insulation (in progress). Remaining work includes HVAC, drywall, painting, flooring, kitchens, and bathrooms, with an estimated cost of $120,000 to $160,000. The property offers flexible investment options. As five apartments, each unit could be configured as 2BR/1BA, with potential rents up to $1,500 per month, projecting a total rent of $7,300 per month. Alternatively, as group housing or assisted living, it is ideal for sober living, transitional housing, veteran programs, or assisted living, with projected rents of $7,000 to $8,400 per month. Seller financing is available. Historically, this building was always multi-unit. The owner temporarily converted it to single-family to expedite permits, the new layout reflects its multi-unit potential.
