Commercial property consisting of a 12-unit Apartment Building, a Large Single-Family Home, an Office, and a 28-room motel (that is in theprocess of being converted into 16 new apartments). The apartment building is about 50/75% renovated with great tenants, the house iscurrently vacant but rent-ready, the office is vacant and the motel is under conversion into 16 newly approved apartments. There are twosections of the Motel, one section is completely gutted and about 75% framed for the new apartments, and the other motel strip has 10 originalmotel rooms that could be rented AS-IS and then the last 4 units in that strip are partially gutted. The property is priced for a quick sale. Ownerestimates about $275,000 to complete the property renovation. Income and expense sheet is estimated based on renovation completion. Caprate is based on asking price of $1,395,000 + estimated renovation costs of $275,000= $1,670,000 completion price with projected rents (seeattached associated doc's). List agent is part owner.
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