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Sunnyside Manor Apartments 27 Sunnyside Ave 19 Unit Apartment Building $1,125,000 ($59,211/Unit) 7.74% Cap Rate Bemus Point, NY 14712
INVESTMENT HIGHLIGHTS
- 19 unit apartment complex
EXECUTIVE SUMMARY
FOR SALE: Former Two Story, Brick School that has been converted to 19 one bedroom apartments. Currently HUD subsidized
apartments with Government guaranteed rents • Age and low income restricted • Can be converted to market rate apartments at end of HUD contract if desired
• Additional apartments can be constructed within 5000/SF vacant gymnasium in building • Excess land could accommodate 12-13
more units • Coin-Op laundry on site • Plenty of parking • Building size - 23,500 sf • Located within walking distance of Chautauqua Lake • Tenants pay electric • Asking $1,125,000 • 8% CAP Rate!! • Nine of 19 units completely renovated • $400,000 in improvements almost completed • Currently including all new windows & exterior doors, new central boiler, new electrical panel and installation of mini-split HVAC units in all apartments.
apartments with Government guaranteed rents • Age and low income restricted • Can be converted to market rate apartments at end of HUD contract if desired
• Additional apartments can be constructed within 5000/SF vacant gymnasium in building • Excess land could accommodate 12-13
more units • Coin-Op laundry on site • Plenty of parking • Building size - 23,500 sf • Located within walking distance of Chautauqua Lake • Tenants pay electric • Asking $1,125,000 • 8% CAP Rate!! • Nine of 19 units completely renovated • $400,000 in improvements almost completed • Currently including all new windows & exterior doors, new central boiler, new electrical panel and installation of mini-split HVAC units in all apartments.
PROPERTY FACTS
| Price | $1,125,000 | Apartment Style | Low-Rise |
| Price Per Unit | $59,211 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.70 AC |
| Cap Rate | 7.74% | Building Size | 23,500 SF |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 0.85/1,000 SF |
| Zoning | 03 | ||
| Price | $1,125,000 |
| Price Per Unit | $59,211 |
| Sale Type | Investment |
| Cap Rate | 7.74% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.70 AC |
| Building Size | 23,500 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.85/1,000 SF |
| Zoning | 03 |
AMENITIES
SITE AMENITIES
- Controlled Access
- Laundry Facilities
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PROPERTY TAXES
| Parcel Number | 063601-333-009-0002-028-000 | Improvements Assessment | $373,200 |
| Land Assessment | $126,800 | Total Assessment | $500,000 |
PROPERTY TAXES
Parcel Number
063601-333-009-0002-028-000
Land Assessment
$126,800
Improvements Assessment
$373,200
Total Assessment
$500,000
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Sunnyside Manor Apartments | 27 Sunnyside Ave
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