Lakefront 7 Unit Mixed Use in Lake Mohawk | 7 Boardwalk
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Lakefront 7 Unit Mixed Use in Lake Mohawk 7 Boardwalk
10,887 SF Retail Building Sparta, NJ 07871 $2,500,000 ($230/SF) 7% Cap Rate
Investment Highlights
- Boardwalk Frontage
- Public Water and Sewer
- Excellent Local Demographics
- The Only Restaurant open to the Public in Lake Mohawk
- Residential Rents are Under Market
Executive Summary
The Only Restaurant in Lake Mohawk on the Boardwalk Open to the Public!
One of the most picturesque views in the county, this 7 Unit offering includes
Il Porto Restaurant (all the equipment and business) plus 4 Residential Apartments and 2 additional Commercial Spaces - all apartments and commercial spaces are rented.
The Restaurant itself will be delivered vacant. Move your business to this highly desirable location or lease out the restaurant to a new tenant making this property ideal for an Owner User or Investor.
The property boasts 82' of Boardwalk frontage and has a natural flow of constant patrons. Outdoor dining in the Spring and Summer months increases the 3000 SF footprint of the restaurant and a story book setting for almost any type of event.
The Apartments are a mix of Two 2 BR and Two 1 BR. All tenants enjoy this fantastic location with several units
also having lake front balconies. Tenants pay for heat and electric. Landlord pays for water/sewer.
For a Restaurateur (Owner/User) the Apartments and Commercial Spaces provide excellent ancillary income (currently $7000 per month gross rents). For an Investor the Pro Forma Cap Rate would be 7% at asking.
Lake Mohawk is considered one of the jewels of Sussex County and is on the National Register of Historic Places.
Sparta is consistently voted one of the top school systems and safest towns in NJ.
Please contact Marc for income and expenses and additional information.
One of the most picturesque views in the county, this 7 Unit offering includes
Il Porto Restaurant (all the equipment and business) plus 4 Residential Apartments and 2 additional Commercial Spaces - all apartments and commercial spaces are rented.
The Restaurant itself will be delivered vacant. Move your business to this highly desirable location or lease out the restaurant to a new tenant making this property ideal for an Owner User or Investor.
The property boasts 82' of Boardwalk frontage and has a natural flow of constant patrons. Outdoor dining in the Spring and Summer months increases the 3000 SF footprint of the restaurant and a story book setting for almost any type of event.
The Apartments are a mix of Two 2 BR and Two 1 BR. All tenants enjoy this fantastic location with several units
also having lake front balconies. Tenants pay for heat and electric. Landlord pays for water/sewer.
For a Restaurateur (Owner/User) the Apartments and Commercial Spaces provide excellent ancillary income (currently $7000 per month gross rents). For an Investor the Pro Forma Cap Rate would be 7% at asking.
Lake Mohawk is considered one of the jewels of Sussex County and is on the National Register of Historic Places.
Sparta is consistently voted one of the top school systems and safest towns in NJ.
Please contact Marc for income and expenses and additional information.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
10,887 SF
Building Class
C
Year Built/Renovated
1927/2020
Price
$2,500,000
Price Per SF
$230
Cap Rate
7%
NOI
$175,000
Tenancy
Single
Building Height
3 Stories
Building FAR
2.78
Land Acres
0.09 AC
Zoning
TCC
Frontage
82 FT on Boardwalk
Amenities
- Restaurant
- Waterfront
- Balcony
PROPERTY TAXES
| Parcel Number | 18-05049-0000-00026 | Improvements Assessment | $993,300 |
| Land Assessment | $133,500 | Total Assessment | $1,126,800 |
PROPERTY TAXES
Parcel Number
18-05049-0000-00026
Land Assessment
$133,500
Improvements Assessment
$993,300
Total Assessment
$1,126,800
-
Marc Weitz -
Fairclough Realtors
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Lakefront 7 Unit Mixed Use in Lake Mohawk | 7 Boardwalk
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