14311 Route 9W

Commercial property consisting of a 12-unit Apartment Building, a Large Single-Family Home, an Office, and a 28-room motel (that is in the process of being converted into 16 new apartments).  The apartment building is about 50/75% renovated with great tenants, the house is currently vacant but rent-ready, the office is vacant and the motel is under conversion into 16 newly approved apartments.  There are two sections of the Motel, one section is completely gutted and about 75% framed for the new apartments, and the other motel strip has 10 original motel rooms that could be rented AS-IS and then the last 4 units in that strip are partially gutted.  The property is priced for a quick sale. Owner estimates about $275,000 to complete the property renovation. Income and expense sheet is estimated based on renovation completion. Cap rate is based on asking price of $1,395,000 + estimated renovation costs of $275,000= $1,670,000 completion price with projected rents (see attached associated doc’s). List agent is part owner.