Mixed-Use Buildings Can Be Great Investments
510 Exchange Street
My first investment property, other than the homes I lived in, was a small mixed-use building in an up and coming urban area. Although all of the real estate investment books I read strongly suggested that a beginner stay away from this type of property I went ahead and bought it anyway!
I bought it for $60,000 put $20,000 into it over the 18 years I owned it and sold it for $240,000. I had long term tenants that stayed between 7-18 years. The property was always rented and easy to manage.
510 Exchange Street is my newest mixed-use purchase in Geneva, New York. She is a beauty with two storefronts and 4 apartments above. The property was in great shape with the exception of the 4 apartments that hadn’t been lived in for 15+ years. Although the kitchens are so dated that they are now back in style toting a shabby chic type of look, funny how that happens.
Here’s a few pictures to give you an idea of where we are starting. Check back to see the progress.