235 Hanover Street is a potential cash cow! Currently cash flowing with 3/5 occupied units and below market rents, this property has the potential to gross $6, 500/month when fully occupied and current market rents. The property consists of 3 residential studio units and 2 commercial store fronts. Location! The building is situated in Meriden's Downtown, with close proximity to the Meriden Green, City Hall, restaurants, the new train station, new public library, highways, etc. With its low-rise structure, brick/vinyl siding and electric heat, this building is low maintenance and not management intensive. Each unit has separate electric meters + owner meter. Behind the building is a 4-car private driveway. For the commercial spaces, there is great exposure with a 7, 200+ car traffic count per day. Meriden has spent the last several years improving their downtown area with new development, and this building sits in diagonal view from the new center that will soon begin construction. Seize the opportunity to purchase a value-add property centrally located in Meriden's up and coming downtown & cash in on its revitalization!
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $332,000 | $332,000 | $332,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.125% | 4.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.483% | 6.273% | 5.268% |
Monthly Tax Payment | $443 | $443 | $443 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $2,017 | $2,017 | $2,624 |
Total Monthly Payment | $2,535 | $2,535 | $3,142 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.