151 N 4th Street

Description

Amazing opportunity to own a large mixed-use office/apartment building or tear down re-development potential in Downtown DeKalb. This former armory, factory and car dealership has 5 large apartments and 8-10 individual office units with parking garage in the basement! Apartments are all vacant and in need of full rehab, already mostly demolished leaving plumbing, framing and about 50% of drywall in place, ready for next owner to come in and finish these huge loft apartments. Over 12 foot ceilings with possibility to go higher with a double ceiling in place. New building material purchased for apartments- kitchen, bathroom and flooring can also be purchased with the building, saving time. First floor offices have a few tenants. Additional income from basement parking or convert to storage units greatly increases NOI. Plans already submitted to city for apartment rehab ready for next buyer to take over. Also $25,000 AIP Grant for exterior renovations available to be transferred to new ownership if completed before August 2022 also building sits in downtown TIF district. Possibility for even more income by converting back half of fist floor to apartments (buyer to verify with City). Across the street is brand new 92 unit apartment complex with retail creating buzz and desirability for tenants in the east end of downtown. Also there is the option to lease second floor office by completely demolishing upstairs and ownership willing to build to suite for second floor. Amazing loft space with 30 foot tall bow truss ceiling, very unique space for office. Listing agent has ownership interest.