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Wednesday
Apr222015

Commercial Building, Inverness................................$199,000

This multi-unit building on the main street of Inverness contains four 1-bedroom apartments and two retail spaces at the front. The building measures 30' x 50' on two levels, on a 5500 sq ft lot, and is fully rented. Situated in a high-traffic area, with high visibility, this place is walking distance to the beach, Cabot Links, the hospital, shops and all the other amenities of Inverness. The building is less than 40 years old.

The building has just been given a comprehensive facelift: new front windows, siding, signage, lighting, exterior stairs and other details. 

Current rents, unchanged for several years, are 600/mo for the apartments and 350/mo for the retail spaces. Rent includes heat and power.

Heat is oil hot water baseboards, and two of the apartments have propane cooking ranges. Town water and sewer of course.

In round numbers, the building currently takes in gross revenue of $34,000. Expenses of $17,000 result in a net income of $17,000.    

 

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