*Three Residential Units Plus One Commercial/Restaurant)*
-Free-market potential! Stable income with plenty of upside.
-The commercial space is currently occupied and renting for $7,000/month.
-The three residential units above are all 3-Bedroom/1 Bath. All three units are RENT STABILIZED.
-The owner of 911 Dekalb currently benefits from the J-51 Tax Abatement, which is why the residential units are rent stabilized. The tax abatement expires in 10 years.
-The commercial space is on a 3-year lease with a 2-year option. There will be 3% increases yearly, including the option years. The tenant will also be paying one-third of the building's real estate taxes.
The current cap rate for the property is 7%. All residential units become free-market when the tax abatement expires and the apartments are vacant.