This impressive two-story building in the heart of Milton and walking distance to downtown was originally built as the Colored Odd Fellows Hall in 1891 for the black population in Milton. Odd Fellow organizations were once common in many areas and were established to protect and care for their members and communities at a time when there was no welfare state, trade unions or any public health services. It was sold in 1925 and turned into a boarding house.
In 2005, it was converted to a 5-unit apartment complex with on-site laundry, and then partially remodeled again in 2013.
In addition to its historic significance, the building is an investment money maker with an annual gross income of $42120. Annual expenses include: $3425 gas/water/sewer/garbage, $7293 electric, $1644 property taxes, $1972 insurance, $4200 property management, for a potential capitalization rate of 10% ($23,586 net income) with current income and expenses, or 12% ($27,786 net income) if managing the property yourself.
Unit A and some of the common areas need a little "TLC", and the current owners (non-local) would prefer to sell than manage the effort remotely.
Reduced $25,000 for quick sale! Only $45,000 per door. $23-27k net income.
By appointment only. Do not disturb tenants.
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