538 W Market St, Perkasie, PA 18944

Money maker in the heart of Perkasie Borough! 2 residential apartments, 1 commercial unit and 2 rented garages. The first floor offers a 1 bedroom, 1 full bathroom apartment that is currently rented to a long-term tenant for $875 per month. The first floor also offers a separate commercial space with 2 offices, bathroom and Board Room which was recently rented for $1000 per month. The second floor apartment has 3 bedrooms and 1 full bathroom. It includes a porch area as well as an attic that could easily be finished for additional living space to make it a 5/6 bedroom apartment! This unit is vacant but the rental estimate is $1400 as a 3 bedroom. There is also a detached garage with 2 separate bays, each rented for $150 per month. The property is listed at a 7% cap rate based on the income- 1st floor apartment $875 + office (estimate $1000) + 2nd fl apartment (estimate $1400) + $300 for garages for a total yearly income of $42,900. Expenses are taxes $6398 + Insurance (estimate $2000) + W/S/T $1200 + Gas/ electric $1200 for a total of $10798 annually. Net income is $32102. The property is zoned C2 with a TC (Town Center) overlay. There is potential to build a second mixed use structure on the property- confirm specific details with Perkasie Borough. Come take a look, you won't be disappointed!