Rare opportunity to acquire this free standing asset in the heart of the city. This is a value add opportunity which has continuously demonstrated a tremendous amount of cash flow over the years. The Ladder House presently provides sober housing for male inmates returning to the Lawrence area . The Essex County Sheriffs Department is responsible for the required transport and supervision. The property presently holds up to 26 inmates at any given time. The entire first floor can be outfitted with additional rooms to further increase the cash flow. The structure also lends itself to a wide variety of uses. Financials are available upon request.
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Our Executive Mortgage Banker:
Our Insurance Division:
$1,199,900
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $959,920 | $959,920 | $959,920 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.375% | 6.125% | 5.625% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.987% | 6.234% | 5.805% |
Monthly Tax Payment | $648 | $648 | $648 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $5,375 | $5,833 | $7,907 |
Total Monthly Payment | $6,148 | $6,606 | $8,680 |
* 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.