14311 Route 9W

Description

Sprawling 29 unit complex consisting of two adjacent parcels, 1037 Aquetuck is a 12 unit brick apartment building, fully rented and about 7 units are renovated along with a new roof. 14311 Route 9W is a +/- 2,500 square foot renovated 4 bedroom brick single family home and a 28 room motel that is is under conversion to a 16 unit apartment building consisting of 12 1-bedroom units and 4 Studio units. The 12 unit apartment building has all electric motel style heating and ac, the home has a hot water boiler and the new 16-units that are under renovation will be brand new with heat/ac splits in each unit. There is lots of flat usable land for tenant enjoyment or additional accessory buildings. Property is also being offered at $1,995,000 "sold turn key" as a 28 unit apartment complex with a single family home, rents for the 16 newly created apartments are projected in the sheet at a low fair market rate. Cap rate at asking price is 11.37% at current rents and projected rents. Listing agent is part owner.

Extras: 28 Room motel is in the process of being renovated into 16 apartments and offered as is for $1,495,000. The property can also be Sold Turn Key with all renovations completed at an asking price of $1,995,000.