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Middleboro Mixed-Use/Multi-Family Investment Property - 13.4 % Cap Rate, 25.9 % Cash-on-Cash.

This was a boarding home in disrepair, when purchased in 2013. All domestic tenants were forced out and the property has been thoroughly cleaned and eliminated. The plan is to refurbish 7 homes (14 bedrooms total) on the 2nd and 3rd floors. On the first floor, 2 existing retail tenants remain in place, and 2 extra industrial areas will certainly be created and rented. Expense quote by seller is $675,000 for remodellings. There is a $500,000 grant to improve the home, which can be transferred to the brand-new owner as a direct countered to the renovation expense.

Estimated Potential Rental Income after restoration: (gross rents) 1st floor: 4 industrial devices. 2nd and 3rd floors: 7 homes, some will be designated cost effective devices Demand in your area for rental homes is thought about strong, although complete occupancy can never ever be ensured. Seller is a service provider and wants to agreement with the brand-new owner to do the restoration work, if that makes the deal more appealing to the purchaser.

Corner of Center St. and High St. in downtown Middleboro.

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