Property Listing No Longer Available for Sale

792 County Road 1, Pine Island, NY

Multi-Use for Sale - $799,000 - 8,176 Sq. Ft. on 1.2 acres


Property Info

CIMLS#1025645
Location
  792 County Road 1
  Pine Island NY 10969
UpdatedSeptember 11th, 2018
TypeMulti-Use
Price$799,000
Building8,176 Sq. Ft.
Land1.2 acres

Property Description

Invest in Orange County's booming economy with this unique landmark property in the heart of Pine Island. Unbeatable easy access location features 5 retail/office spaces and 2 residential apartments.Original stone facade side dates back to 1930 and at one time housed a popular bar and eatery. Recent extensive renovations bring this mixed use gem of a building completely up to NYS codes. Upgrades included complete electrical & plumbing, new sheetrock, HVAC and much more. Current rent roll includes: 3 retail spaces:unit 1, 191 sq ft; unit 2, 2242 sq ft.; unit 3, 2448 sq. ft. and two apartments: one-bedroom, 625 sq. ft;two-bedroom, 1150 sq. ft. Office space (unit 4/5, 1400 sq. ft.) is listed for rent. Single bay oversized detached garage also has separate access loft for storage. The acre+ lot has a huge parking area suitable for several dozen cars or trucks. In the rear, a surprising ample green grass backyard and hill provides yard for the residential units. Opportunity knocks!


Financials

Financials Based on Projected Rents

Gross Annual Income $ 99,300

Annual Expenses:

Insurance $ 7,803

Vacancy & Collection (5%) $ 4,965

Taxes $ 10,304

Utilities (Apts only) $ 2,200

Total Expenses $ 25,272

NOI $ 74,028

Cap Rate Purchase Price

8% $ 925,350

9% $ 822,533

9.27% $799,000



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