OLIVE NY - ID: 20202621
On the Market
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Property Type: Multi-Unit
Description: Unique opportunity to own an 8-unit rental complex set back nicely off Rte. 28, just past Boiceville and all on the same 8-acre property. Esopus Creek frontage on the westerly side and the Little Beaverkill on the northerly side plus a meadow and a mountain view. Tenants can live privately within their own cottage/house and still feel a sense of community. One well supplies all 7 cottages and the main house. Some have a shared septic and others have their own. All cottages have either a crawl or full basement. The cape (#1) has a full dry basement and a garage. Air BnB possibilities for a buyer to bring in great cash flow year round. Minutes to the newly created rail trail for walking or biking and catching views of the Ashokan reservoir. Ideally located to take advantage of the year-round tourism and the many possible activities in the Woodstock, Phoenicia, Olive, Margaretville and Hunter areas. Units #7 and #8 are 2 beds, 1 bath and approximately 650 sq. feet each. #7 pays $850 and #8 pays $750 per month. Rents are low and could be increased easily as some haven't been increased in a couple of years. Proforma in associated docs for actual and anticipated rents and net income. Current Cap rate at $875, 000 7.3% Projected 8.4% Square footage, bedrooms and bathrooms, acreage and taxes are according to Ulster County Information Services or, in some cases where there appears to be a discrepancy, verified by us. FEATURES: NUMBER OF UNITS: 8
UNIT 1 -RENT: 1400 ZONE: 03-Rei LOT DIMENSIONS: 8 Acres UNIT 1 -LEASE: M/M UNIT 2 -LEASE: M/M UNIT 1 -LEASE: M/M UNIT 4 -LEASE: M/M UNIT 5 -LEASE: M/M Unit 6 -Lease: M/M UNIT 2 -RENT: 750 UNIT 3 -RENT: 700 UNIT 4 -RENT: 725 UNIT 5 -RENT: 850 UNIT 6 -RENT: 1000 APPLIANCES: Refrigerator, Range ELECTRICITY: 100 Amps, 150 Amps, 200 Amps, Circuit Breakers LOT FEATURES: Level, Meadow, Slope-Steeply, View, Water Frontage LOT/SITE: Rural WATER: Drilled Well KITCHEN DESCRIPTION: Cabinets Wood, Country, Eat-In, Pantry SURVEY: Yes |
Listing courtesy of: Lawrence O'Toole Realty / Listing Agent: Gail Short
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Copyright © 2021 by the Multiple Listing Service of Ulster County and Vetere Real Estate. All rights reserved.
This page is to be linked to only from VetereRealEstate.com