577 Woodward Avenue #1 $1,500,000
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Mixed use property (S2), features 1st floor commercial space currently rented to a record store at $1500 a month - lease. Additionally, 3 residential units: 1st floor unit - 3 bedroom 1.5 bath $2400/mo 1 year lease. 2nd floor unit - 3 bedroom 1 full bath $1750/mo - no lease. 3rd floor unit - 3 bedroom 1 bathroom apartment paying $2100 1 yr lease. Total annual rent roll is currently 93k a year. Building is fully updated; new electric, new independent boilers, updated windows and a ton of potential with a oversized unfinished basement. Unique square footage, first floor building dimensions are 20x97 and 2nd and 3rd floor building dimensions are 20x55 for a total of 4,140 finished square feet PLUS an additional 1100 sqft of unfinished basement. Current cap rate 5.3 % POTENTIAL FOR 6+% CAP zoning overlay C1-4.

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30 Years
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