Business Overview:
Description: This charming 10,000 + square feet building is located on the high demand south side of town, east side of main street, downtown Stillwater. With 5,200 square feet ground floor and 3 retail spaces, second-floor area of +/- 4,900 square feet. The ground floor has a 12’ ceiling height with a tin ceiling, plaster walls and hardwood floor; the basement is 4,000 square feet and is used for storage. The basement is dry, with no signs of water problems. Clear height is about 5’ 8”. The second floor has three unique apartments used as Air B&Bs. All three units are one-bedroom, living/dining room, Kitchen, full bath and laundry/storage. The roof has a deck at the back of the building with expansive views of the river and bluffs. Perfect for a 1031 exchange!
Exterior Features: The building is mill construction with brick walls and wood posts and beams. The brick walls are exposed in the apartment units and plastered/brick in the retail units, the roof is a rubber bladder that is flat with a pitch. The roof is 5 years old and appears to be in great condition.
Interior Features: This property has all three retail spaces leased with all three apartments being rented out a couple times a week as Air B&B. Building has a combination of wood, tile and carpeted. The walls are a combination of brick, drywall and plaster. Ceilings are painted drywall, tin and open. The building uses forced air for heat and cooling.
Age / Condition: Built in 1858. The interior and exterior are in good condition.
ASKING PRICE: The owner is asking $2,100,000 for the building. The three apartments generate approx. a gross income of $125,000 annually, and the three retail spaces generate approx. $58,800 annually.
REASON FOR SALE: Other Interest
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Property Features and Assets:
The building is mill construction with brick walls and wood posts and beams. The brick walls are exposed in the apartment units and plastered/brick in the retail units, the roof is a rubber bladder that is flat with a pitch. The roof is 5 years old and appears to be in great condition.
Reason for Selling:
Other Interest
Additional Details:
- The property is owned.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.
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