Situated on the corner of Elliot Street and Union Street in the City of Hamilton, this iconic property represents a great return for the knowledgeable investor. Currently comprising 9 assessment numbers in total, the property is divided into 4 residential units, which are presently occupied, and 5 commercial spaces which are vacant. As is, the property is returning $7,875 per month, which equates to $94,500 annually, offering a truly passive investment asset. Each of the 3 levels offers 2438sq feet with an additional 1380sq feet located in the basement, which can easily be used for ample storage. The total square footage of the building is approximately 8,694sq feet. There are a total of 10 Belco meters, with 3 phase power to the building, should it be required by any commercial application.As an iconic landmark in Bermudian history, the Metropolitan Building was built in the 1940s and initially operated as a distribution point due to its prime location within the city. However the upkeep of the building was significantly maintained throughout the years. The opportunities are endless! Investors have the opportunity to rent the current commercial spaces (as-is) for additional income or consider converting the commercial spaces into additional rental units, which would be a greater return on investment.
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Monthly repayment is an estimate for guidance only. Calculation is based on an interest rate of 7.00%, 30% deposit over a 25 year period.