Property Description: The property consists of a 12 floor mixed-use building with the lower two floors being commercial/office space and the upper floors apartments. The building was opened in the early 1970s under a HUD 236 contract expiring in 2013. Additionally, the property has a Section 8 HAP contract. After the expiration of the 236 contract, the property becomes unregulated, and rents may be adjusted to market or the owner may request an extension of the Section 8 Contract with HUD for up to 20 years. Current residential rents are below market as required by HUD. Commercial rents are not regulated by HUD. The building is constructed with masonry walls and floors with two interior elevators and a street elevator. The residential portion of the building has a large, newly remodeled, community room with balcony and two laundry rooms. The property is currently undergoing a $1,600,000 renovation project where all windows are being replaced on the upper 10 floors and balcony rails are being installed to give tenants access to the existing balconies. Commercial space has good street visibility and all units have exterior access. A central boiler provides domestic hot water to the building and both residential and commercial units have individual heat and AC units. The residential portion of the building is 100% leased with a waiting list. Overall vacancy in the past year averaged 1.89% Download this Flyer Obtain Full Offering Access
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