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 | |
Updated | September 11th, 2018 |
Type | Multi-Use |
Price | $799,000 |
Building | 8,176 Sq. Ft. |
Land | 1.2 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