Unique opportunity in Highbridge. This mixed use property allows the owner to either keep the property as is, or develop the property to realize its biggest and best use. Currently, 1393 Plimpton Ave has a functioning bodega on the ground floor (paying $3600/ month), complete with a back office, and full basement. The water heaters are brand new, electrical has been updated and the roof has recently been resurfaced. Above the commercial space, is a 3 bed, 1 bath rental unit, that is currently collecting $1768/ month. All tenants are current with their rent. As a development site, this 25 × 100 lot offers the owner the ability to build an 8600+ SF structure, which would yield 9+ apartments. The commercial overlay also allows the owner to utilize the ground floor commercial space, to maximize rental income. Expenses: $16,439 tax $2,271 water $2,000 insurance $4,050 con ed $24,760 total expenses Income: $64,416 rent Net Income: $39,656 Cap Rate: 5.5%
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