14311 Route 9W

Discover a prime investment opportunity with this fully renovated apartment complex, featuring all brand-new units. The property includes (12) one-bedroom apartments, (4) studio apartments, and (1) four-bedroom, 2.5-bath home, laundry room and office. With an attractive cap rate of 10% and a proforma cap rate of 10.52%, it promises strong financial performance.
The complex has undergone a complete gut renovation, ensuring that everything—from electric and plumbing to insulation and framing—is brand new (in the converted motel buildings). Each unit boasts modern kitchens, new bathrooms, and new flooring throughout, with separate electric meters for tenants. Tenants are responsible for their own heat (electric) and typical electric costs, while the landlord provides hot water (propane). The house (prior owner's residence) has been completely renovated, tenant pays for their own heat, hot water, and electricity, adding to the property's appeal. There is a laundry room with hookups (no machines yet) and an owner's office in the front of the home. Construction on the property will be completed by November 1, 2024, and units will be up for Lease. The attached income and expense sheet shows the owner's projected rental marketing numbers (to fill the property quickly) although the real fair market rent is proposed higher.
Both Motel units are gut renovations, the house has undergone major renovations in recent years. There is a brand new (+/- 5 years old) septic and leach field system for the north-facing apartment strip (with full engineering plans). The house has its own septic and field (concrete tank) and the south side apartment strip has its own septic system as well (concrete tanks). All roofs are new or newer, all sidewalks are new and the parking lot is updated, sealed, and stripped. Photos are of work in progress and will be updated by November 1 when the project is completed.