3682 Route 430
Bemus Point, NY 14712

Very attractive situation and income for an owner/occupant. Can also be a "turnkey" operation with onsite manager, regular maintenance person, groundskeeper, housekeeper, etc. CAP RATE: 9.9% 3.2 acres of mostly flat land total - Some lots could be sold off without affecting the motel. 16 total units - all are efficiencies with kitchens and totally equipped with appliances (toaster, microwave, coffee pot, etc). All fully furnished including dishes, pots and pans, silver, etc. All with TV centers and TVs. 1 "owner's unit" - 2 bedroom and large living area with full galley kitchen. Rent is $650/mo. 2 separate one bedroom units. Rent is $550/mo. 2 single units with single beds (one person rooms). Rent is $400/mo. 2 "end" units a little bigger than others. Rent is $450/mo 1 unit with separate hall entrance and a little bigger. Rent is $450/mo. 8 units with one good sized room with kitchens at rear. Rent is $450/mo. All units are separately metered and tenants pay electric. All circuit breakers. Gas - baseboard hot water and gas fireplace in owner's unit. All others heated by electric. Rents have been the same for 6 years and could be raised by $25-$50.00 and still be under market. I keep 3-4 units available in summer time for transients, fishermen, etc. Unit rentals are from $79 per night to $99 per night depending on # of occupants. Weekly rates are $210 - $290 per week. Monthly $750. You could have more units available during tourist season and add to income. I am fully rented almost all the time. Winter is now strictly month to month - much easier and stays full. Laundry room with 2 coin operated washers and 2 coin operated dryers (Maytag) - good condition.) Dedicated hot water tank for laundry. Takes in $250 - $300 per month. Office area with desk, computer and internet routers. Wireless internet provided. Room and cleaning supplies storage in office area and also separate room off hallway. Two separate storage buildings. Garage which houses the water supply and water system - also with storage area. Garbage shed dedicated for garbage. The structure is in very good condition and mostly maintenance free. Replacement windows in all units except the owner's unit. Roof is less than 12 years old. Chimneys have been repointed and painted. Exterior of buildings is mostly maintenance free. Rooms are in good condition. Most all have been painted within last 5 years. Several have had new laminate flooring installed instead of carpeting. 4-5 rooms have gel foam beds. There is enough new sheets, pillows, bed covers, towels, etc. to last at least a year of replacement. Almost all units have built in air conditioning or window units. Four window units go with the property. Sewer is public - less than 3 months ago had all lines cleaned out. There was not a problem but I do it every 2 years anyway. Have a very reasonable guy who does the work. Mowers, tools, extra appliances, extra bed mattresses, extra kitchen appliances and replacement bedding and towels for at least 6 months all go with property. All current furnishings included. P&L statements available. Driveway and parking areas should be repaved. Couple areas of covered sidewalks need some repair. Owner's unit could use replacement windows. Otherwise, the property is in very good condition.