HUGE 34-unit Rooming House w/land (good for future developement)

This "Old" building was a nursing home/adult home many years ago. It is a 3 story wood framed structure consisting of 34 rooms varying in size from about 12x15 to about 9x12. Most of the rooms are double occupancy rooms while about 5 rooms are singles. There are 8 community baths to be shared by the residents.

A community kitchen is located on the main floor equipped with fire arresting equipment. The building is FULLY sprinklered & there are many 'sensors' and 'pull-handles' for signalling an alarm. The building has brand new gas service for the dryers and the stove. The building has 2 boilers for heat and 1 water heater(all oil fired). The alarm system is DIRECTLY wired to the Fire Department a few blocks away.

This property has been appraised for up to 2.8M about 1 year ago. Due to market changes the value has been reduced to approx. 2.4M.

This property offers excellent investment potential. A similar sized LOT nearby has an approval to build 49 condo units.

The real value in this property is in its future developement. Someone who is willing to manage this property for the next 2-3 years should be able to easily net 50-75% OVER his initial investment.

Due to market changes the ideal investor should be able to come in with cash and purchase the property for 2.25M OR come in with partial cash and 'partner up' with us while a plan for developement is worked on.

An investor with less liquid funds would be able to come in as a 1/3 partner with us for considerably less money. About 350K would be required to "partner up" with us for a 3-way joint venture, or put another way, 1/3 share of everything.