Property Description

Exceptional mixed-use investment opportunity in the heart of Downtown Willoughby. Situated on a single parcel with ample off-street parking, this unique offering combines a fully leased historic brick triplex, a 7,200-square-foot commercial building, and a custom luxury residential loft, creating multiple income streams and significant upside potential. The front brick triplex is fully occupied and features three updated residential units with strong rental history. Unit 1 is a two-bedroom, one-bath residence with an updated kitchen, updated bath, and in-suite laundry, currently leased for $1,450 per month. Unit 2 is a fully updated one-bedroom, one-bath unit leased for $1,200 per month, while Unit 3 is a fully updated one-bedroom, one-bath unit leased for $1,300 per month. Current gross residential income totals $47,400 annually. The triplex benefits from newer HVAC systems and hot water tanks throughout.The rear commercial building offers approximately 7,200 square feet of flexible space currently occupied by a successful furniture upholstery business. The lower level includes warehouse space, offices, restroom facilities, laundry, and two oversized garage bays. The seller is willing to lease back a portion of the commercial space, providing an opportunity for immediate stabilized commercial income. Additional warehouse and commercial space offers further leasing potential.Above the commercial building is an impressive 1,650-square-foot custom-built loft featuring high-end finishes, an open-concept floor plan, private laundry, and an expansive rooftop deck overlooking Downtown Willoughby. The loft is currently owner-occupied and could generate approximately $2,500 per month ($30,000 annually) in additional rental income. Based on current rents and projected lease-up opportunities, the property offers the potential to generate approximately $135,000 to $141,000 in gross annual income. A rare opportunity to own a versatile mixed-use asset in Downtown Willoughby.

Property Features

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