1959 Old Route 17

Description

1959 Old Route 17 in Roscoe, New York is effectively a stabilized property. The retail units are fully occupied with longer term leases. The only vacancy is the apartment which is currently occupied by the owner. The demand for apartments in the region is extremely high thus will be easy to lease ($1,800/Month estimated rent). The 2025 potential Cap Rate is 9.01% but it will jump to 9.65% January 2026. The property has undergone an extensive renovation in 2017. All structural repairs, new roof and exterior siding are just a few of the improvement’s. All units within the building have received an extensive upgrade, either preformed by the owner or tenants. The ongoing repairs and maintenance are lower for this reason and there is almost no management responsibilities (no management fee included in Cap Rate). Tenant’s are responsible for most of their leased storefronts. Aside from the eight parking spaces on the property, it is close to municipal parking as well as a large lot across the street. This property is in excellent condition with long term leases being offered at a high Cap Rate. It’s positioned in a superior location in a town with a positive growth trajectory. It is anchored by the Beaverkill Angler, which has been in business since 1979. The Junction restaurant is a hot spot for the region and has brought a lot of traffic to Roscoe. The final retail tenant Jim Serio Real Estate has been a strong player in the region for over twenty years. The apartment offers 2 bedrooms, 1 bathroom, a storage/laundry room, and a roof deck. It is possibly the nicest rental apartment in town. For a small market commercial building the tenancy is as good as it gets. A new owner could also use the apartment as a residence or a second home. The owner is the listing agent and a licensed New York State Real Estate Salesperson with Keller Williams Up State New York Properties.