14 Spring Street

Description

This mixed-use building is centrally located on the corner of Spring and Albion in the heart of Amherst, within walking distance of downtown shops, restaurants, banks, and Schools! The Albion side sits on the main route toward grocery stores, fast food, gas stations, and more! The property includes four self contained residential units and one commercial/retail space. The apartments consist of three two-bedroom units and one one-bedroom unit, each with a full bathroom, fridge and stove, in-unit laundry, and paved parking. Unit A is currently rented for $1,450 per month, with heat and electricity included. Unit B rents for $1,000 per month plus utilities. Unit 1/2 rents for $650 per month plus utilities. Unit C rents for $800 per month plus electricity. All four residential units are occupied. Combined, the apartments generate $46,800 in annual gross income, with an approximate net of $32,000. The fifth unit is the opportunity. Off Albion, a vacant commercial/retail space of over 1,000 square feet offers open main-floor area, its own washroom, a separate entrance, and additional unfinished space upstairs. This side has its own parking, with about four extra paved stalls. The space is presently used as storage; it previously housed a longstanding business. Work has already been completed on the building, with room still to improve and a clear path to add a fifth income stream. This property is ideal for investors looking to grow a rental portfolio in a convenient downtown location, with solid residential income in place and a storefront waiting to go back to work!