Money maker in the heart of Perkasie Borough! 2 residential apartments, 1 commercial unit and 2 rented garages. The first floor offers a 1 bedroom, 1 full bathroom apartment that is currently rented to a long-term tenant for $875 per month. The first floor also offers a separate commercial space with 2 offices, bathroom and Board Room which was recently rented for $1000 per month. The second floor apartment has 3 bedrooms and 1 full bathroom. It includes a porch area as well as an attic that could easily be finished for additional living space to make it a 5/6 bedroom apartment! This unit is vacant but the rental estimate is $1400 as a 3 bedroom. There is also a detached garage with 2 separate bays, each rented for $150 per month. The property is listed at a 7% cap rate based on the income- 1st floor apartment $875 + office (estimate $1000) + 2nd fl apartment (estimate $1400) + $300 for garages for a total yearly income of $42,900. Expenses are taxes $6398 + Insurance (estimate $2000) + W/S/T $1200 + Gas/ electric $1200 for a total of $10798 annually. Net income is $32102. The property is zoned C2 with a TC (Town Center) overlay. There is potential to build a second mixed use structure on the property- confirm specific details with Perkasie Borough. Come take a look, you won't be disappointed!
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.
