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

  792 County Road 1
  Pine Island NY 10969
UpdatedSeptember 11th, 2018
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 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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