653 Broadway Ave

Huge opportunity to own 9-13 units in the incredible Downtown Bedford neighborhood. The Brick building is located right in the heart of the city and is even on the parade route for summer events. It currently consists of 18 office spaces and 3 retail units. The city has approved the buildout of the 7500 sq ft of office spaces to be converted into 6 residential apartments. The current owner was planning on getting a variance to make 10 apartments- should move forward with renovating. Office spaces are already individually metered (18 electric & gas meters) There are 2 occupied retail units at $1300 and $875/mo. There is another retail tenant interested in the other unit at $1400. Finally, there is 1 office rented by a 25+ year tenant at $200/mo. Total current income $2375/mo. Potential gross income is $9975-$11,575/ mo from conversion to apartments. Renovations were quoted at $375k. This provides a a 9% cap rate to the buyer (assuming 50% in expenses) Owner pays tax and insurance only so expenses should be drastically lower than 50%.