4 Lake St Richfield Springs, NY 13439

Located in Richfield Springs, NY, this mixed-use investment property at 4 Lake Street features a laundromat and two residential units. The building has a total size of 3,640 sq ft. The laundromat area occupies approximately 1,500 sq ft and has had major new equipment investments, including over $50,000 in two new 30-lb Speed Queen washers, five new Speed Queen top-load washers, seven Continental ExpressWash 22-lb machines, and ten commercial dryers, plus a vending machine and two change machines. The property is the closest laundromat to Cooperstown, serving over 300,000 annual Hall of Fame and tournament visitors, with high demand from traveling baseball families and teams. The property also benefits from a strong Airbnb/VRBO market with over 400 rentals within 15 miles. The residential component includes a 3BR apartment renting for $1,000 per month and a studio apartment renting for $750 per month, totaling $21,000 per year in residential income. Tenants pay for heat, electric, and hot water. The laundromat generates approximately $30,000 per year with no marketing, wash & fold service, or minimal visibility. There is a value-add opportunity to add wash-and-fold service, commercial linen accounts for Airbnbs and rentals, create a Google Business listing, increase machine count in a 500-700 sq ft expansion space, improve signage & curb appeal, and raise rents to market rate. The property has a gross income of approximately $51,000 per year, estimated expenses of approximately $20,000 per year, and an NOI of approximately $31,000 per year.