Property Description

Excellent investment opportunity consisting of four newer commercial buildings totaling approximately 12,000 SF on 3.4 acres, plus a separate land lease. The property is currently operating at 100% occupancy with five tenants in place-four building tenants and a construction company occupying the land under a separate lease. Current monthly rents are $4,800 for 332 Avenue of the Americas, $5,805 for 95 Bill Larkin Drive, $2,800 for 85 Bill Larkin Drive, and $4,300 for 75 Bill Larkin Drive. Total building rental income is $17,705 per month, or $212,460 annually, plus additional income from the land lease. Annual property expenses are approximately $27,120, producing an estimated NOI of $185,340 from the building rents alone. At the $2,850,000 asking price, this represents approximately a 6.50% cap rate, with rent increases built into the leases. The land lease provides additional income above these figures. Each unit is separately metered and fully connected to Town water, Town sewer, and natural gas, with tenants responsible for their separately metered utilities. The landlord is responsible for snow plowing and lawn maintenance. Ideally located just a stone's throw from New York Stewart International Airport, approximately 1 mile to Route 207, 2 miles to Route 747, 3 miles to I-84, 4 miles to I-87, 4 miles to Route 9W, and 14 miles to Woodbury Common Premium Outlets. This is a strong, fully occupied commercial investment offering multiple income streams, established tenants, municipal utilities, separately metered units, and built-in lease increases.

Property Features

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