37199 State Highway 23
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37199 State Highway 23
6,559 SF 93% Leased Retail Building Grand Gorge, NY 12434 £390,443 (£60/SF) 10.29% Net Initial Yield
Investment Highlights
- Corner of two State Highways
- Open floor plan
- Newly renovated
Executive Summary
Opportunity knocks! Completely and tastefully renovated income producing property. Hardie siding, stone and timber accents adorn the exterior. Over half an acre of property with frontage on two State Highways with access from both. Parking for 15+ vehicles. The building consists of a residential section housing three second floor 2 bedroom apartments and a first floor 1 bedroom unit. Units have hardwood floors, new cabinetry, fixtures, appliances, energy star baseboard heat, and lighting. Common areas consist of custom wainscotting, new oak stairway, high end vinyl plank flooring, and new lighting. Ground level commercial space has been fully renovated and is finished with high end vinyl plank floors, a propane fireplace with floor to ceiling slate stone facade, tongue and groove pine ceiling in main area and faux copper ceilings in the office area. Kitchen and bath have tiled floors. Commercial space has new high efficiency propane furnace. Solid tenants in residential and commercial space. Centrally located to 4 ski mountains.
Financial Summary (Actual - 2020) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£47,416
|
£7.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£47,416
|
£7.23
|
| Taxes |
£3,012
|
£0.46
|
| Operating Expenses |
£2,678
|
£0.41
|
| Total Expenses |
£5,690
|
£0.87
|
| Net Operating Income |
£41,726
|
£6.36
|
Financial Summary (Actual - 2020)
| Gross Rental Income | |
|---|---|
| Annual | £47,416 |
| Annual Per SF | £7.23 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £47,416 |
| Annual Per SF | £7.23 |
| Taxes | |
|---|---|
| Annual | £3,012 |
| Annual Per SF | £0.46 |
| Operating Expenses | |
|---|---|
| Annual | £2,678 |
| Annual Per SF | £0.41 |
| Total Expenses | |
|---|---|
| Annual | £5,690 |
| Annual Per SF | £0.87 |
| Net Operating Income | |
|---|---|
| Annual | £41,726 |
| Annual Per SF | £6.36 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
6,559 SF
Building Class
C
Year Built/Renovated
1960/2020
Price
£390,443
Price Per SF
£60
Net Initial Yield
10.29%
NOI
£40,179
Percent Leased
93%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.27
Lot Size
0.55 AC
Zoning
multi - multi use.
Parking
12 Spaces (1.83 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Route
- Signage
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- MFC
- Arts, Entertainment, and Recreation
- 2,250 SF
- £0.56
- Plus All Utilities
- Dec 2023
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| MFC | Arts, Entertainment, and Recreation | 2,250 SF | £0.56 | Plus All Utilities | Dec 2023 |
PROPERTY TAXES
| Parcel Number | 124800-091-002-0003-018-000 | Total Assessment | £273,858 (2023) |
| Land Assessment | £12,989 (2023) | Annual Taxes | £3,012 (£0.46/sf) |
| Improvements Assessment | £260,869 (2023) | Tax Year | 2020 |
PROPERTY TAXES
Parcel Number
124800-091-002-0003-018-000
Land Assessment
£12,989 (2023)
Improvements Assessment
£260,869 (2023)
Total Assessment
£273,858 (2023)
Annual Taxes
£3,012 (£0.46/sf)
Tax Year
2020
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Presented by
Windstar Realty Group LLC
37199 State Highway 23
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