Listed by Keller Williams Realty First New York
$1,999,999
19-23 Greenway Lane
Details
Property Type Special Purpose
Sub Type Other
Square Footage 11,085
Cap Rate 9.00%
NOI $181,000
Occupancy 100%
Lease Type Gross
Year Built 2010
Buildings 1
Stories 3
Ground Lease Yes
Special Purpose | 9.00% CAP | 11,085 SqFt
Marketing description
This 3 unit building is a rare gem of an asset, well built and tremendous cash flow capabilities. These 3 townhouse style units are superbly well built on ground leased land within the boundaries of SUNY Sullivan. Initially built as supplemental housing, it is now the ONLY on campus housing option. All other housing options on campus have been decommissioned. In addition to all of the physical benefits of this LEED certified building the biggest advantage is that it is operated by the College. Owner is only responsible for Capital Projects, of which there are not many. Lease up, management and collections are all handled by the college. Owner collects revenue from the College and pays Utility Bills and Insurance.
Purchase is of the building only, the building is on a Ground Lease. Lease has 15 years remaining plus a 10 year option, with a cash buyout. Additionally lease creates exclusive option to develop additional housing within the campus.
This is truly a "mailbox money" opportunity.
Investment highlights
Stable income, managed by the College, excellent returns—IRR Nearly 13%
Listing Contacts
Listed by Keller Williams Realty First New York
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$181,000.00
$15,083.33/mo
Valuation Metrics
0
DSCR
9.05%
Cap Rate
9.05%
ROI
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