215 Park Street

VALUE ADD!! 9.9% ACTUAL CAP-RATE! 16%+ pro-cap. (1) 2-Bed has a bonus room on the lower level and the top floor (1) bed has 2-additional rooms on the upper level. Three units are month to month tenants with no leases, and the second-floor lease expires 08/30/2026. There is slight settling, which is reflected in the price. The property shares a driveway with two other multi-family properties; an area beneath the driveway slab has sunk and this would need to be repaired by the next buyer in full or split between the adjoining owners of 213 and 211 park. PLEASE READ ADDITIONAL PUBLIC REMARKS for more information. The property is fully rented but tenants do park on the street given the restriction. Property is being sold AS-IS, where is. PLEASE READ BEFORE SHOWING / TOURING OR SUBMITTING ANY OFFERS--- An engineer has filed an application to begin culvert repairs for the property. Culvert repair typically involves replacing or reinforcing the underground drainage pipe, stabilizing the surrounding soil, and restoring the driveway surface above it. The estimated cost of this work is $50,000 (buyer to do their own DD with their agent to verify any costs) This cost is to be shared equally among the three adjoining property owners (211, 213, and 215 Park Street). This is not in writing, and the seller makes no promises that this will be a shared expense with any of the owners. The new buyer would need to assume full responsibility for the cost of this culvert if any of the others decide not to contribute. There will be an open permit at the time of title transfer for all properties that are directly affected by the culvert which includes 215 Park. Current owner will not close any permits or contribute to any costs prior to closing. Driveway issues have already been reflected in the listing price. No negotiations - this property is being sold strictly as-is, where-is. Buyer to perform their own due diligence. Note: 211 Park Street and 215 Park Street are currently for sale as separate parcels, but they can be purchased simultaneously.