The subject property is one block north of the transportation hub of West 3rd Street. This location has a downhill gradient so views are available above the 3rd floor. West 4th is a quiet street zoned to increase density to 2.6 FAR. The price reflects a substantial discount from the value it would reflect if it was an assembled site. Great holding potential while realizing good a capitalization rate of 3%.
The property has an area currently used as storage and rented at $500/month. The space has bathroom and could easily be converted to a one-bedroom unit.
The Investment Highlights
- Strong cash flow
- 6-storey redevelopment potential
- Close to rapid transit
- Potential additional suite