Properties

Remarks

Historic Everett School was turned into a 22 Unit Apartment Building years back, and is now stabilized and income producing! Very cool, contemporary feel with large units 2 story, Colonial Revival, all brick building, built in 1909 and newly renovated but with potential to take it even further with updates, upgrades and rent raises. Typically stays 95-99% occupied with less then average turn over. Studio, 1, 2, and 3 bedroom units. Landlord pays water, sewer, trash, and basic cable. Landlord has started water bill backs, and tenants pay electricity, all electric building with owned solar units on roof to subsidize usage Building is L shaped with a “North Building & South Building” connected by a large gym which owner has added games & work out area, but could be used to hold events, tenants to rent out and much more potential for this neat space, huge lot, all green space in front of building comes with, 1.7 acres m/l total and tenants use this for dog walking, kids games and more. Historic buildings in back next to the school do not come with it, and are empty, with more potential to possible pick these up and add more units, commercial or office! Also potential to add more apartments inside school in parts unuse/unfinished in building, including bathrooms and very large gym area. Camera system that can be checked by mobile phone comes with property, wash/dry owner & serviced by outside company and property is in a historic area, listed on the Historic Registry and possibly qualifies for tax abatement and/or grants, etc. Buyer to conduct all due diligence on all. Listing agent can assist in providing loan quotes or 1031 intermediary information for sale purposes. Units are all very large, including high ceilings with lots of windows and have loft feel even in basement. Studios, 1, 2 & 3 bedroom units something for everyone. 1 voucher tenant currently showing building does qualify & pass inspections for vouchers. Details in attachments, or just ask.

Listing Office: Royal Oaks RealtyMLS ID: 2425125