5 North Main Street/4 North Spanish St is THE commercial listing this year. This 25,000 square foot downtown building is home to the Bilderbach Art Plaza and Dockside the Upper Deck Banquet Hall. Both businesses are already established and leases are included in the sale of the building for $899,999.00. The building is largely renovated, and across the street from the large public parking lot. The Main Street side is purposed as an art plaza (you may have been there during one of the monthly First Friday Art Shows). Individual shops are affordable for a wide range of artists. This could probably be extended further into the building for additional rent income. The Spanish street side has been Dockside but could be any number of other businesses or an event venue. Upstairs are residential spaces and offices. Downstairs is beautifully done with an open lobby separating the Art Plaza (all units are leased) and the Dockside which is available for lease. Of the four second floor spaces available for office or retail lease, two are remaining. They include a mezzanine, public restrooms and a kitchen utilized by the whole floor. Also, on the second floor are two residential living spaces. A one-bedroom apartment that the owner lives in (until sale of the building) and a 5 bedroom, 3 bathroom apartment overlooking main street with river views. Owner has an established history of leasing the space for $2500.00 and could very well get $800.00 for the other. This property currently has $4500.00 of rental income coming in. However, with the available space, it could bring in $11,980.00 a month, minus expenses. That is a CAP RATE OF 11%. Leases available immediately: 4200 sq ft store front on Spanish (where the Dockside is) includes restrooms, private entrance, break room, kitchen with hood fan and office with entrance into lobby for $3300.00. 575 sq ft office/retail space on second floor includes shared restrooms, private entrance, mezzanine and shared break room for $480.00. 465.5 sq ft office/retail space (one larger space with a smaller space attached) on second floor includes shared restrooms, private entrance, mezzanine and shared break room for $400.00. ALL LEASES INCLUDE UTILITIES. All investors should definitely consider.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
