Turn Key Cash flowing 14% Cap Mixed Use Building in Albany, NY
The subject property is a fully renovated, 100% occupied, mixed use building consisting of (8) One Bedroom/One Bath apartments as well a ground floor retail space currently occupied by a laundromat. There is an additional parking lot in the rear of the building as well as a Verizon cell phone antennas located on the roof. All units we're fully renovated in 2016 and are in great condition. The property is a stabilized asset that has a history of low vacancy and minimum tenant turnover. The property is located on the corner of 2nd St. and Henry Johnson Blvd. one of Albany's busiest thoroughfares. With in steps from the property there are numerous shops, restaurants, and services and multiple stops for the city's main bus lines. The building is directly across the street from the Albany Police Department Headquarters (built in security) and the beautiful new public library. By car the property is located to 2 blocks to the on ramp to I-90 and 787. The current owner is the operator and owner of the laundromat and will be selling the business included in the sale The financials included in the package include the income from the laundromat and has been a lucrative venture for the current owner. The package is being offered for $1,299,000 which computes to a current cap rate of 13.61% and a cash on cash of 34.95%. The laundromat business can be sold separately for $299,000 and includes are furnishings, fixtures, and equipment. 06