166 Main St
Philmont, NY 12565
Empire Opera House - Philmont NY · Retail Property For Sale

Former Empire Opera House in Philmont NY. 1st Floor - Retail/Commercial 2nd Floor Multi-Unit Residential - Fully Occupied - All tenants are month to month. What you want to create here? EMPIRE OPERA HOUSE. During the last quarter of the nineteenth century, the Empire Opera House was the cultural center of the thriving village of Philmont and hosted a variety of entertainment celebrities who traveled by train to the nearby station. 1st Floor - The former ticket office and lobby is now used as a 1,000 sf retail space, the open auditorium space is now a 3,000 sf workshop with 11' ceilings, and the stage is now a 750 sf apartment. The 1st floor spaces are occupied by the current owner. Projected income of owner-occupied spaces: 1,000 sf retail space $1200/mo; 3,000 sf workshop $1,500/mo; and 1000 sf apartment $900/mo. Or $3000 to one tenant for the entire 1st Floor for $36,000 annually. 2nd Floor - Upstairs, the previous artists lodgings and dressing rooms are now four apartments (1400 sf, 1000 sf, 800 sf, and 750 sf) which rent for $1,300, $1,200, $900 and $800 respectively, and could easily bring in $1,500, $1,300, $1,050 and $950, probably higher. Tenants pay all utilities and are all month to month. The 2nd floor residential units bring in $57,600 annually. Total projected income $93,600/yr. Current expenses are less than $10,000/yr. Net total projected income is approximately $83,600 per year. With a Cap Rate of nearly 9%.