The Greens Inn | 451 Washington Avenue Ext
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The Greens Inn 451 Washington Avenue Ext
4 Room Hotel Saugerties, NY 12477 $1,200,000 ($300,000/Room) 13.93% Cap Rate
EXECUTIVE SUMMARY
Sprawling 27 unit building with a 1-bedroom managers apartment (28 total units). Building is currently being rented as High End SRO (singleroom occupancy) with each room having its own private bath. The 10,000+ square foot building is split into 4 suites, each suite has its own fullkitchen, dining area, living room and then 6-7 bedrooms, each with its own full bath. This property can lend itself to a Hotel (as it was previouslyused), Inn, Senior Residence or SRO rentals etc. Building has just been updated with all new HVAC (heat and ac), high efficiency propane unitsalong with many other updates. Units are now being rented between $700-$1,000 a month depending on the room size and bathroom layout.Please see attached info in associated doc's for County Records, CO & Floor Plans. Cap rate at projected (conservative) rents and expenses is13.92% at asking price. Master Lease, Rent With Option To Buy or Straight sale considered. Property is located about 1/2 mile fromSaugerties Village center and surrounded by/close to, Horse Show properties, Cantine Sports Complex, indoor Ice Arena, Mini-golf, Go-cartsand Skate Park.
FINANCIAL SUMMARY (ACTUAL - 2021) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$167,126
|
$16.45
|
FINANCIAL SUMMARY (ACTUAL - 2021)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $167,126 |
| Annual Per SF | $16.45 |
PROPERTY FACTS Under Contract
| Price | $1,200,000 | Lot Size | 2.20 AC |
| Price Per Room | $300,000 | Building Size | 10,161 SF |
| Sale Type | Investment | No. Rooms | 4 |
| Cap Rate | 13.93% | No. Stories | 1 |
| Property Type | Hospitality | Year Built | 1960 |
| Property Subtype | Hotel | Parking Ratio | 4.53/1,000 SF |
| Building Class | C | Corridor | Interior |
| Price | $1,200,000 |
| Price Per Room | $300,000 |
| Sale Type | Investment |
| Cap Rate | 13.93% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.20 AC |
| Building Size | 10,161 SF |
| No. Rooms | 4 |
| No. Stories | 1 |
| Year Built | 1960 |
| Parking Ratio | 4.53/1,000 SF |
| Corridor | Interior |
AMENITIES
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 4 | $50.00 | - |
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PROPERTY TAXES
| Parcel Number | 4889-018.001-0003-057.200-0000 | Improvements Assessment | $625,000 (2023) |
| Land Assessment | $90,000 (2023) | Total Assessment | $715,000 (2023) |
PROPERTY TAXES
Parcel Number
4889-018.001-0003-057.200-0000
Land Assessment
$90,000 (2023)
Improvements Assessment
$625,000 (2023)
Total Assessment
$715,000 (2023)
ZONING
| Zoning Code | 02 (COM1) |
| 02 (COM1) |
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The Greens Inn | 451 Washington Avenue Ext
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