MLS® #: 397376
Type: ResidentialIncome

The historic Albemarle Building is a one-of-a-kind investment opportunity offering 41 residential condos and six commercial condos! Once the former home of the historic Albemarle Hotel and Playhouse, this property is in a prime location, right in the heart of Livingston's vibrant downtown! Built in 1960, this once-in-a-lifetime investment opportunity was completely renovated, top to bottom, in 2016, including all new electrical and plumbing throughout the building; as well as a new fire suppression system and the addition of security cameras throughout the building! All units are rented, and long-term leases are in place for the commercial condos, with the seller reporting monthly gross rents of $36,743, and current annual gross rents of $440,916! The HOA covers water, sewer and building and common area maintenance - and each unit is individually metered for electricity! The seller owns the "air rights" above the building, which allows for the possibility of two additional floors to be added, with increased income potential! The building also boasts a management office with a lobby and restrooms, and the building offers onsite and off-site tenant parking! Schedule your showing today!