Description

Sprawling 29-unit complex consisting of two adjacent parcels, 1037 Aquetuck is a 12-unit brick apartment building, fully rented, 8 of the units are renovated along with a new roof. 14311 Route 9W is a +/- 2, 500 square foot renovated 4 bedroom single family home that is renovated. There are two motel strips that are framed out for 16 new apartments, the property is being offered (at the asking price) with the Motel fully framed and all exterior work done. The 12 unit apartment building has all electric baseboard heat and propane hot water, the Motel conversion plan is to do the same in the new apartments. There is lots of flat usable land for tenant enjoyment or additional accessory buildings. The Town said Storage units are possible on the property with Site Plan approval. See attached income and expense sheet, 12-unit apartment building along with the house are actual numbers, the motel conversion into 16 new apartments is projected. Cap rate is based on a $1, 650, 000 purchase price with an additional $350, 000 to finish the Motel conversion. Listing agent is part owner.

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Listed by: Berardi Realty