5 Main Street

Description

This is a terrific opportunity for an investor or owner-occupant with a phenomenal location in the quaint village of Spring Mount. 1st time available in nearly 40 years! Low maintenance brick exterior and a new roof in 2/2022. 3 residential apartments and 1 long term ground floor restaurant tenant (sale does not include the pizza shop business). Two of the apartments were fully updated in the last couple of years, the 3rd is well maintained by a long term tenant. Currently a little over a 7 cap, but definite value add candidate as the rents are under market, coin op machines could be added, and there is a possibility to frame out the rest of the 2nd floor area to create another apartment unit (confirm with township for all allowed/approved uses). The first floor has the pizza shop as well as a 1 bedroom apartment, the 2nd floor has two - 2 bedroom apartments. Apartments have access via a side building entrance with common stairwell. Basement houses the boiler units, hot water heaters, and tenant storage. Apartments have always been easy rentals, the Perkiomen Trailhead entrance is 500ft behind the building, and offers a steady flow of customers for the storefront, and is also a great tenant amenity. Agent is a relative of seller.