56 Covert Avenue

Description

Prime Mixed-Use Investment Opportunity in a Thriving Commercial Corridor Unlock the potential of this exceptional mixed-use property, perfectly positioned in a vibrant, high-traffic commercial district where opportunity is always in motion. This versatile asset features a street-facing retail storefront paired with a comfortable 1-bedroom apartment in the rear—ideal for both investors and owner-operators alike. Set on a 20' x 81.3' lot (1,626 sq ft total), this property offers an efficient layout with maximum income potential. Current 1,200 sqft interior space has potential vertical buildable space of another 1,200 sq ft. Even more attractive are the remarkably low annual property taxes of just $8,000, helping to optimize your return. What truly sets this offering apart is its unbeatable location—this fully occupied block boasts zero vacant storefronts on either side, reflecting strong demand and a stable business environment. Currently operating as a laundromat, the property benefits from an established customer base, with the current owner retiring after years of successful operation. With annual rental income exceeding $50,000 and a return of over 6%, this is a rare chance to secure a high-performing asset in a proven location. Whether you're looking to expand your portfolio or establish your own business while living on-site, this property delivers flexibility, stability, and upside potential. A smart investment with strong cash flow and long-term value—opportunities like this don’t last.