Description
Investor take notice! A cash generating property at the heart of East Haven! Currently the cap rate is 6.3% with one retail space vacant. Once it's rented out for a moderate price ($1300/month), the cap rate can be instantly improved to 8.7%! A restaurant at the first floor leased till 2028 ($2700/month). On the second floor 3bd/1ba apartment lease ends 9/30/2023 ($1580/month). New Roof 2020. The apartment was completely renovated 2021 and hot water heater from 2019!
Restaurant is responsible for maintaining its own hot water heater, washer/dryer and pay for all utilities.
Only one water and one sewer meter which are paid by the restaurant. Owner of the building pays the restaurant $40 a month for covering the water and the sewer for the tenant upstairs. Tenants responsible for ALL other utilities.
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Listing Agent: Jia Wu
Listing Office: BHGRE Gaetano Marra Homes
