Mixed use property in a residential area in New Britain that can continue as mixed use or be converted to a 2 family home. Since the first floor is currently open, you have a lot of flexibility, continue as a mixed-use property with a business on the first floor & residential units above for example a restaurant, bar, day care, office space, etc. (make sure to conduct your due diligence and explore all possibilities) or convert the first floor into another residential unit. The 2nd floor currently has 3 bedrooms but is used as a 2-bedroom, the enclosed porch and deck are great features that add value and appeal to potential renters or owners. With some renovation and possibly town approval, the attic could serve as an additional bedroom or even a separate apartment unit. The back patio & 2 car garage are addittional features. Whether as a mixed-use property or a 2-family home with a walk up attic, this property offers multiple rental opportunities, maximizing your income potential. ). Owner Financing may be available with 25% down, this can be advantageous for buyers who may not qualify for traditional financing(Buyers agents can email sellers agent for more information) Overall, this property offers a lot of flexibility & potential for creative use and income generation. ** There is an additional lot across the street that can be purchased to provide extra parking or potentially allow for future development (subject to zoning &town approval, currently zoned for a multifamily)
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $228,000 | $228,000 | $228,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 5.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.477% | 7.159% | 6.296% |
Monthly Tax Payment | $707 | $707 | $707 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $1,517 | $1,515 | $1,923 |
Total Monthly Payment | $2,299 | $2,297 | $2,705 |
* 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.