About 1093 Durham Rd
Welcome to a unique investment opportunity featuring a three-unit residential property with a detached barn converted into retail space. The property offers a distinctive combination of residential rental income, additional commercial space, and value-add potential.
The main building consists of three residential units. The first unit features 1 bedroom and 1 full bathroom. The second unit offers 3 bedrooms, 1 full bathroom, and a walk-up attic providing additional space. The third unit is a studio-style layout with 1 bedroom, 1 half bathroom, and a separate shower area.
The residential units are currently occupied and generating rental income. The first and second-floor units are leased to the same tenant on a month-to-month basis at $2,850 per month. The tenant is also responsible for grass cutting and shrub trimming. The third unit is currently rented on a month-to-month basis for $1,300 per month. Combined residential rental income is currently $4,150 per month, or $49,800 annually, excluding any additional income from the retail space.
In addition to the residential units, the property includes a detached barn that has been converted into retail space, providing an additional commercial component and potential income stream. The property is currently used as a nonconforming residential use. Buyers are encouraged to perform their own due diligence regarding zoning, permitted uses, property condition, leases, and any future use of the property.
The property features timeless character and charm and presents an opportunity for an investor looking to renovate and update while preserving the property's unique character. The building does require TLC and updating, offering potential for improvements and increased value.
With three residential units, established month-to-month tenancy, current rental income, additional retail space, and value-add potential, this property offers a unique investment opportunity.
