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The property located at 218 Lewis St. is a commercial property available for purchase at a discounted price.

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The property located at 218 Lewis St. is a commercial property.  The building is approximately 1,530ft and is broken down into 2 sides.  One side is currently rented for $295/mo and has been the same rate for the last 16 years.  The property needs about $25 - $30K in repairs.  This includes paint (interior & exterior), 1 new hvac unit for vacant side, ceiling replaced, update baths, update flooring, etc.  Has natural gas and a solid infrastructure.  

After repairs, both sides with rent for a minimum of $500 each.  With a purchase price of $21K and $25-28K in repairs, you can be all in for approximately $46 - 49K.

Here's how the numbers will look:

Price + Repairs: $49,000.00
Net Operating Income (Annual Gross Income - Annual Expenses): $6,000.00


NOI/Price = Cap rate

$6K / $49K = 12%

A Cap Rate of 12% will provide you with a generous return.