Three-Story Commercial Building, Mount Vernon

About this opportunity

A commercial, possibly mixed-use, building in a prime retail shopping area of Mount Vernon with maximum exposure. It has 3 stories plus a full basement.

The pharmacy on the first floor pays $6,500 a month. The second and third floors are vacant by the owner's choice, as he used them for his own purposes; the seller says each could easily rent for about $3,500 a month, for a total rental potential of $13,500 a month. Real estate taxes are about $17,184 a year and have never been grieved.

A bank appraiser valued the property at about $1.2 million a couple of years ago. It is offered as a distressed sale because the owner needs to free up capital quickly; the seller says the $949,000 asking price is $200,000 to $300,000 below market value.

Highlights

• 3 stories plus a full basement
• Prime retail shopping area with maximum exposure
• 1st-floor pharmacy pays $6,500/mo
• 2nd and 3rd floors vacant; about $3,500/mo each potential
• Total rental potential $13,500/mo (seller estimate)
• Bank appraisal about $1.2M a couple of years ago
• Taxes about $17,184/yr, never grieved
• Distressed sale

Financial details

Asking price

$949,000

Real estate

Included

Monthly rent

$6,500

Building

3 stories plus full basement

Use

Commercial, possibly mixed use

Current rent

1st-floor pharmacy, $6,500/mo

Vacant floors

2nd and 3rd floors, vacant by owner choice

Potential (seller estimate)

About $3,500/mo each for floors 2 and 3; $13,500/mo total

Real estate taxes

About $17,184/yr, never grieved

Bank appraisal

About $1.2 million, a couple of years ago

Seller view of value

$200,000–$300,000 below market value

Figures are provided by the seller and have not been independently verified. Buyers should perform their own due diligence.