Live Work Space in Little Italy with a Street Entrance on India!
Village Walk is located on India in Little Italy. The building was completed in 2002 by The Olsen Company. The community features commercial space along on the first level and residential units from the 2nd -5th floors. It is just steps from everything Little Italy has to offer, including the Saturday Mercato.
Village Walk #205 For Sale:
- 1.5 Bedrooms
- 1.5 Bathrooms
- 1 Parking Space
- 1,800 Square Feet
- Offered at $925,000
- Homeowners Dues: $504/mo
Commercial Space Included
- Street Access on India!
- Approximately 600 sf
- Current Rent – $2,050/mo
- Built in Escalation Clauses
- Great Option For Owner Occupied Mix-Use!
Owner Occupied Option
This is a fantastic space for a professional that needs a small office. The commercial space is approximately 600 feet and has great street exposure on India. There is a stairway up to the residential unit from the commercial space so it can act as a true live work residence. Not only is this convenient as a business owner, there could also be substantial tax benefits.
The current tenant for the commercial space has a lease through 2018, but the current owner has the right to give the tenant a 60 day notice if a buyer wants to occupy the property. The residential space upstairs is vacant and will remain that way through the close of escrow.
The residential space upstairs is a 2 story home that is about 1,200 square feet and acts as more of a one bedroom plus a den. The space could function as a 2 bedroom, but the second bedroom would not have a window. There is a half bathroom downstairs in the living space and kitchen area.
The commercial space is currently rented at $2,050 per month and goes up another $50 at the start of each calendar year until 2018. The tenant has been renting the space since September of 2011. The residential unit upstairs would rent for approximately $2,500 per month. With the rental market extremely tight in Little Italy, rent has been sliding up over the past years and tenants are typically easy to find.
In 2017, with the increase in the commercial space, the rent would be approximately $4,600 per month for the 2 spaces. After taxes and homeowner’s dues, that comes out to an estimated $3,186 per month or $38,232 per year.
Another option is to purchase the residence as an owner occupied property and live in the residential portion. You could then use the rent on the commercial space to offset your mortgage. Why is this important? First, you are paying more interest on your primary residence which could mean a larger tax deduction. Second, you are paying more towards principle each month, while using the income to subsidize the difference. In theory, this allows you to building more equity in your home.
A diverse property such as this one does not come up very often. This is a great opportunity to own both a home and investment in the hot Little Italy market!