31 Western Ave

The Mega Group has available for immediate acquisition this 22-Unit Oceanfront Investment / Redevelopment Opportunity. The subject property is one 18,912 +/- square foot mixed-use brick construction corner building with 20+ parking spaces with drive-in parking garage and one single-tenant restaurant building with additional off-street parking situated on 30,971 +/- square feet of land. Location is prime waterfront in an emerging transit-oriented market. The likely suitor is a hotel / condominium developer or a real estate investor with experience acquiring "value-add" opportunities.

There are nineteen (19) total residential units, five (5) studio units, twelve (12) one-bedroom apartments and two (2) two-bedroom apartments and three (3) commercial units bringing the total unit count to twenty-two (22).  The commercial tenants pay for their own heat and electricity with the restaurant also reimbursing for their water bill.  The apartments all include heat & hot water and the Tenants pay their own electric bills.

The subject property is zoned NB (Neighborhood Business).  Neighborhood Business Districts are located throughout the city and residential uses are allowed, as are consumer service and retail businesses serving the residents of the immediate neighborhood.  According to the use schedule a hotel is possible through a permitting process.