Property Type: Multi-Unit
Description: CommercialÂ property consisting of a 12-unit Apartment Building, a Large Single-Family Home, an Office, and a 28-room motel (that is in the process of being converted into 16 new apartments).Â TheÂ apartment building is about 50/75% renovated with great tenants, the house is currently vacant but rent-ready, the office is vacant and the motel is under conversion into 16 newly approved apartments.Â There are two sections of the Motel, one section (North side building) is completelyÂ gutted and about 75% framed for the new apartments. The South side motel strip has 10 original motel rooms (that could be rented AS-IS), and then 4 units that are partially gutted.Â The property is priced for a quick sale. Owner estimates about $275, 000 to complete the property renovation. Income and expense sheet is estimated based on renovation completion. Cap rate is based on asking price of $1, 395, 000 + estimated renovation costs of $275, 000= $1, 670, 000 completion price with projected rents (see attached associated doc's). Property is located about 20 from the City of Albany. List agent is part owner.
28 Room motel is in the process of being renovated into 16 apartments. Motel conversion is fully approved with Architectural plans and building permit.
NUMBER OF UNITS: 29
ZONE: Com 1
LOT DIMENSIONS: 3.55 Acres
APPLIANCES: Refrigerator, Range
ELECTRICITY: 200 Amps, Other
LOT FEATURES: Level, Landscaped, Slope-Gently
LOT/SITE: Hamlet/Village, Suburb
KITCHEN DESCRIPTION: Eat-In