Current condition of property:
The three-story building has a traditional Italianate front. The ground floor is a pet shop. The second floor is living quarters for the shop owner and her family, with other apartments on the third floor. Rehabilitation of the entire building would be a significant project.Project potential:
Market value of this property as is: $360,000
Size of each floor: 40x60 ft.
Current income of the ground floor ($16/sq.ft./year)
Current income of the 2nd floor (1 apt.@ $2,200/mo.)
Current income of the 3rd floor (2 apts.@ $900/mo., 1 vacancy)
If the building had a full rehab:
Cost to rehab ground floor ($90/sq.ft.)
Cost to rehab 2nd floors ($50/sq.ft.)
Cost to rehab 3rd floors ($60/sq.ft.)
Potential income of the ground floor ($21/sq.ft./year)
Potential income of the 2nd floors (1 apt.@ $2,400/mo.)
Potential income of the 3rd floors (3 apts.@ $1,100/mo.each)
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