Nicely remodeled pair of homes on single parcel offers investors or live/work owners a variety of opportunities. Zoned for Sparks's versatile mixed-use district. Main unit sits on Pyramid Highway and is passed by approximately 25,000 vehicles per day. Great signage already in place. Attractive home/office with beautiful lathe and plaster, antique wood floors in good condition, remodeled bathroom and kitchen, fresh paint, and good storage in unfinished basement. Parking area in rear with access from Pyramid. Rear unit has separate alley access, a garage, nice remodel, a mini-split unit for cooling, and current tenants. Rent for 1-bedroom unit is based on existing lease. Lease expires June 30, 2023. Both units are on same water meter, but are individually metered for gas and electricity. Rent for 2-bedroom unit is pro forma rent assuming commercial use, but could be a residential use if desired. Walking distance to shopping and entertainment of Victorian Square and close to freeway access and job centers. Pro forma cap rate of 6.7% based upon actual rent of $1,200 per month for 437 1/2 Pyramid and estimated pro forma rent of $2,200 per month for 437 Pyramid. Assuming 6% vacancy, $6,161 annual expenses (including 5% maintenance reserve of annual gross rent), for a NOI of $32,190 per year. Buyers are encouraged to reach their own assumptions on income and expenses for property.
