Lakefront 7 Unit Mixed Use in Lake Mohawk | 7 Boardwalk
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Lakefront 7 Unit Mixed Use in Lake Mohawk 7 Boardwalk
10,887 SF Retail Building Sparta, NJ 07871 $3,616,250 CAD ($332 CAD/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Boardwalk Frontage
- Public Water and Sewer
- Excellent Local Demographics
- The Only Restaurant open to the Public in Lake Mohawk
- Residential Rents are Under Market
EXECUTIVE SUMMARY
The Only Restaurant in Lake Mohawk on the Boardwalk Open to the Public!
One of the most picturesque views in the county, this 7 Unit offering includes
Il Porto Restaurant (all the equipment and business) plus 4 Residential Apartments and 2 additional Commercial Spaces - all apartments and commercial spaces are rented.
The property boasts 82' of Boardwalk frontage and has a natural flow of constant patrons. Outdoor dining in the Spring and Summer months increases the 3000 SF footprint of the restaurant and a story book setting for almost any type of event.
The Apartments are a mix of Two 2 BR and Two 1 BR. All tenants enjoy this fantastic location with several units
also having lake front balconies. Tenants pay for heat and electric. Landlord pays for water/sewer.
For a Restaurateur (Owner/User) the Apartments and Commercial Spaces provide excellent ancillary income (currently $7000 per month gross rents). For an Investor the Pro Forma Cap Rate would be 7% at asking.
Lake Mohawk is considered one of the jewels of Sussex County and is on the National Register of Historic Places.
Sparta is consistently voted one of the top school systems and safest towns in NJ.
Please contact Marc for income and expenses and additional information.
One of the most picturesque views in the county, this 7 Unit offering includes
Il Porto Restaurant (all the equipment and business) plus 4 Residential Apartments and 2 additional Commercial Spaces - all apartments and commercial spaces are rented.
The property boasts 82' of Boardwalk frontage and has a natural flow of constant patrons. Outdoor dining in the Spring and Summer months increases the 3000 SF footprint of the restaurant and a story book setting for almost any type of event.
The Apartments are a mix of Two 2 BR and Two 1 BR. All tenants enjoy this fantastic location with several units
also having lake front balconies. Tenants pay for heat and electric. Landlord pays for water/sewer.
For a Restaurateur (Owner/User) the Apartments and Commercial Spaces provide excellent ancillary income (currently $7000 per month gross rents). For an Investor the Pro Forma Cap Rate would be 7% at asking.
Lake Mohawk is considered one of the jewels of Sussex County and is on the National Register of Historic Places.
Sparta is consistently voted one of the top school systems and safest towns in NJ.
Please contact Marc for income and expenses and additional information.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
10,887 SF
Building Class
C
Year Built/Renovated
1927/2020
Price
$3,616,250 CAD
Price Per SF
$332 CAD
Cap Rate
7%
NOI
$253,137 CAD
Tenancy
Single
Building Height
3 Stories
Building FAR
2.78
Lot Size
0.09 AC
Zoning
TCC
Frontage
82 ft on Boardwalk
AMENITIES
- Restaurant
- Waterfront
- Balcony
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 18-05049-0000-00026 | Improvements Assessment | $1,409,592 CAD |
| Land Assessment | $189,450 CAD | Total Assessment | $1,599,042 CAD |
PROPERTY TAXES
Parcel Number
18-05049-0000-00026
Land Assessment
$189,450 CAD
Improvements Assessment
$1,409,592 CAD
Total Assessment
$1,599,042 CAD
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Lakefront 7 Unit Mixed Use in Lake Mohawk | 7 Boardwalk
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