536 Prospect Street

Description

This oversized *5,055 sq. ft.* two-family home presents an excellent opportunity for investors or owner-occupants looking to maximize rental income. With updated vinyl windows, and a newer roof / siding (both replaced roughly 18 months ago), much of the major work has already been completed. Electrical and plumbing systems were updated in the early 2000s, and each unit features in-unit laundry for tenant convenience. The first-floor unit features three bedrooms and one bath and has the potential to be converted into a commercial space with a town-approved variance, adding even more value. The second-floor unit spans two levels, combining the second and third floors for a spacious seven-bedroom layout. With some additional investment, the third floor could be converted into its own legal unit, transforming this property into a three-family home. Outside, a private driveway leads to a three-car detached garage with extra parking in the rear. The property has long-term tenants, and while the rent hasn't been raised in over five years, the seller is willing to assist in negotiating market-price adjustments or tenant transitions. Some cosmetic updates to the units and common areas will be needed, making this a great value-add investment. Whether you're looking for immediate rental income or long-term growth, this property presents an exceptional opportunity to expand your portfolio. Town for some reason doesn't consider the 3rd floor living space even though it is (fully occupied). 4 bedrooms on the 3rd floor not on field card - hence only showing a total of 10 rooms TOTAL on the field card, but it has 10 bedrooms alone (NOT the 6 as shown). Living area is over 5,000 sq. ft. (basement square footage of 1,685 and multiply by 3 = 5,055). Not considering the whole 3rd floor as living space - it's only rated at 2.4 stories, NOT 3 stories - hence where the town gets their 4,050 number.