Description
Amazing opportunity to own a large mixed-use office/apartment building or tear down re-development potential in Downtown DeKalb. This former armory, factory and car dealership has 5 large apartments and 9 individual office units with parking garage in the basement! Apartments are all vacant and in need of full rehab, already mostly demolished leaving plumbing, framing and about 40% of drywall in place, ready for next owner to come in and finish these huge loft apartments. Over 12 foot ceilings with possibility to go higher with a double ceiling in place. New building material purchased for apartments- kitchen, bathroom and flooring available to new owner as well! First floor offices have a few tenants. Additional income from basement parking or convert to storage units really helps with NOI. Plans already submitted to city for apartment rehab ready for next buyer to take over. Also $25,000 AIP Grant for exterior renovations available to be transferred to new ownership if completed before August 2022 also building sits in downtown TIF district. Possibility for even more income by converting back half of fist floor to apartments (buyer to verify with City). Across the street is brand new 92 unit apartment complex with retail delivering occupancy this fall, creating buzz and desirability for tenants in the east end of downtown. Huge opportunity here after renovations with proforma 9% Cap rate at $1Million! Listing agent has ownership interest.
-
0BEDS
-
N/AACRES
-
0BATHS
-
01/2 BATHS
School Ratings & Info
Description
Amazing opportunity to own a large mixed-use office/apartment building or tear down re-development potential in Downtown DeKalb. This former armory, factory and car dealership has 5 large apartments and 9 individual office units with parking garage in the basement! Apartments are all vacant and in need of full rehab, already mostly demolished leaving plumbing, framing and about 40% of drywall in place, ready for next owner to come in and finish these huge loft apartments. Over 12 foot ceilings with possibility to go higher with a double ceiling in place. New building material purchased for apartments- kitchen, bathroom and flooring available to new owner as well! First floor offices have a few tenants. Additional income from basement parking or convert to storage units really helps with NOI. Plans already submitted to city for apartment rehab ready for next buyer to take over. Also $25,000 AIP Grant for exterior renovations available to be transferred to new ownership if completed before August 2022 also building sits in downtown TIF district. Possibility for even more income by converting back half of fist floor to apartments (buyer to verify with City). Across the street is brand new 92 unit apartment complex with retail delivering occupancy this fall, creating buzz and desirability for tenants in the east end of downtown. Huge opportunity here after renovations with proforma 9% Cap rate at $1Million! Listing agent has ownership interest.
© 2023 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Ryan Dallas Real Estate.
Based on information submitted to the MRED as of 2023-01-28T19:57:24.973 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the
office/agent presenting the information.
Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.
Digital Millennium Copyright Act