Investment Opportunity: Mixed-Use Building in Chestnut Hill with Commercial and Residential Rental Income. This well-maintained mixed-use building offers a bi-level retail space on the first floor consisting of approximately 850sqft with convenient and open access to the basement for ample overflow space (roughly 750sqft additional). Above the store is a bright and spacious 1-bedroom apartment with a large living room complete with Juliette balcony, dining area, spacious working kitchen with gas cooking, ample wood cabinetry and tiled countertop, full bath with shower over tub, and in-unit laundry. The apartment layout offers the potential to be converted into a two-bedroom unit to maximize value with higher rental income. Out back is a small courtyard and open rear yard. The commercial space is occupied by the long term and established business - Chestnut Hill Audio - with a lease through January of 2024 at $2,000 per month. The residential unit is currently rented on a month-to-month basis for $1,300/mo with the ability to secure a 1-year lease at $1,500/mo depending on the desire of a future owner. With the residential unit rented at $1,500/mo and the commercial space at $2,000/mo, this property would have a capitalization rate of 5.99% based on the new listing price. Located on bustling Germantown Avenue, this property is just steps away from some of the best shops, restaurants, and public transportation of the Chestnut Hill business corridor.
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Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 9th June, 2023 5:13 PM (UTC)