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A value-add, stabilized money maker with upside from Day 1 for an experienced owner operator. Currently enjoying an in-place cap rate of 11, this mixed use building in Chatham has 16 residential units and 4 first floor commercial units. Many longterm residential tenants with only one resi vacancy (left vacant for showings) and 3 of 4 commercial units rented and occupied. No units in arrears and most resi tenants are MTM. Tenants are all market rate. Upside would be realized by adding laundry in the building, adding some vouchered tenants and by negotiating billboard rights on the north and south sides of the building with great visibility on busy Cottage Grove. Also, update the units when tenants turn and raise the rent. Building could use some cosmetic updating, but most can be done over time. Great cash flow! Recent updates include a rebuild of the boiler, newer hot water tank, and double-pane windows. The brickwork looks very good...no visible problems with the condition of the brick and stonework. LOVELY FACADE! Two parking spaces in back. Maintenance man lives in the building and works in return for rent reduction. This would be a great addition to any investor's portfolio. Rent roll available.

Property Details of 8119-25 South Cottage Grove Avenue

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Listed by David Urbaniak of @properties Commercial

Based on information submitted to MRED  as of December 5, 2021 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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