2369 State Route 5, Chittenango, NY 13037 (MLS # S1622054)

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View Virtual Tour PRICE $400,000 BEDS 8 BATHS 0 HOME SIZE 8,618 sqft LOT SIZE 2.07 ac Request More Info Schedule a Showing

Former Motel Turned 9-Unit Apartment Complex – Value-Add Opportunity! Now offered for sale, this former roadside motel has been converted into a 9-unit apartment building, primarily consisting of one-bedroom units. Situated on a spacious lot with 20+ parking spaces, this property is serviced by well and septic, minimizing utility expenses and infrastructure costs. All units are heated by baseboard boiler. There are two gas boilers which the landlord pays for and the property has upgraded electrical which the landlord also pays for. There are new coin-operated laundry machines which brings in about $140 additional income per month. The property offers a prime opportunity for investors to reposition and increase income even higher. With the right upgrades, there’s significant upside potential through improved rents to market rate. With lots of drive-by traffic, occupancy has been at 100% year after year minimizing turnover as all of the same tenants have been at this property for 5+ years. Located in a rural yet accessible area, this property is ideal for investors looking to bring an additional asset into their portfolio at a fraction of the cost of anything else on the market!