Great Opportunity for the residential investor with an eye on value added opportunity. This 3-unit building is currently being upgraded to improve the safety of the occupants with an egress from the second floor of the upper levels, for each 3 bedroom, 1 ½ bath unit with a new deck landing and stairs to the grade. Another improvement underway will increase the rentable square footage by approximately 200 sf in the 1 bedroom, 1 bath unit located on the grade level, improving the ability to increase the rental income which has been the same since 2016. The 3 BR units also include off-street parking. All units have clothes washer and dryer within the unit. The building was constructed prior to 1978 although, two of three units (the 3 BR 1 ½ B units) have LEAD-FREE CERTIFICATES meaning no further lead testing requirements. The grade level unit is “to be” lead tested and anticipated to receive the LEAD-FREE CERTIFICATE as well. The month-to-month leases began in 2016 and 2018 and could be increased by the next owner to current market conditions. The one-year lease is also below market considering the renovation of interior that was completed June 2023 just prior to the July 1, 2023, beginning of that one-year lease. Another improvement the Owner is scheduling at this time involves upgrading the water service for the entire building because it was determined to be required by the City of Brunswick when getting a Zoning Certificate for the various improvements being completed at this time.
Now for the Potential Value-added aspect, this property fits into a distance from the train station allowing the request for a Transit Oriented Development (TOD) overlay zone. If approved for the TOD overlay zone, then further construction of mixed-use improvements may be possible to include more residential units and some commercial space.