115 E Main Street

Description

Commercial or Residential Investment rental. This tri-plex property consists of 2 buildings, 2,000 gross living area. The larger of the two buildings is 2-stories with 2 bedroom, 1 bath unit on the first floor and a 1 bedroom, 1 bath unit on the 2nd floor, with exterior stair access. 2nd structure on the property is a small cabin. Gross income is $38,520 Ann.This property could provide an excellent source of rental income in a market that lacks residential housing units. The rents on this property can be as much as $3,200 per month and that is before any improvements are made. The owner pays all utilities approx. $6,500 per year. The 2020 appraisal came in at $240,000. At one time the previous owner of this property used the location for his business. This could be an option as well depending on what best suits your needs. The 4,230 SF irregular shaped site is located within downtown Dillingham, near the center of town, and is considered a good location for a mixed-use / multi-family residential building. The site has adequate on-site parking, with good gravel soils observed on the generally level site. BUILDING ONE: First Floor, 2 bedroom, 1 bath unit which typically rents for $1,400 per month, currently rented Second Floor, 1 bedroom, 1 bath unit, with outside stair access, which typically rents for $1,210 per month, currently vacant BUILDING TWO: Cabin efficiency unit which typically rents for $600 per month, currently rented UTILTIES: Annual utilities are approximately $6,500. year (Water/Wastewater, trash, electric and heating oil downstairs and hot water*) *the blue cabin and upstairs unit pay their own heating oil (the property manager said there are 3 tanks on the property) It has been determined that the highest and best use of this property at this time is a residential rental property with 3 separate units. The land is in a key location on Main street and it could prove to be a strategic location for the right company that would possibly build a larger housing building should the City allow it. Opportunities a plenty.