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27 Sunnyside Ave Bemus Point, NY 14712

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For Sale
$1,125,000

19-unit apartment building near Chautauqua Lake.

Property size:
23,500 SF

Property Features for 27 Sunnyside Ave

General Information

Size
23,500 SF

Building Details

Year built
1958

Source: Alan Hastings Agent Alan Hastings

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Converted School Building Apartments

This former two-story brick school building has been converted into a 19-unit apartment building. The apartments are currently HUD subsidized with government-guaranteed rents and are age and low-income restricted. At the end of the HUD contract, the property can be converted to market-rate apartments. The 23,500 square foot building includes a 5,000 square foot vacant gymnasium, which could be converted into additional apartments. Excess land on the property could accommodate approximately 12 to 13 more units. The property features a coin-operated laundry on site and ample parking. The building is located within walking distance of Chautauqua Lake. Tenants are responsible for paying their electric bills. Nine of the 19 units have been completely renovated, with approximately $400,000 in improvements almost completed. Recent improvements include new windows and exterior doors, a new central boiler, a new electrical panel, and the installation of mini-split HVAC units in all apartments.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Sunnyside Apartments Apartment Building

Suggested Use

Restaurant Realty agency Law Firm Spa & Massage Dental Office Wholesale Shop Hair Salon Clothing Store Nail Salon Hotel & Motel

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Bemus Point
County
Chautauqua
State
New York
Longitude
-79.389966
Latitude
42.160198

FAQs

What type of property is this?
Apartment building - 19-unit apartment building near Chautauqua Lake.
Where is this apartment building located?
The property is located at 27 Sunnyside Ave Bemus Point, NY.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: - Excellent 8% CAP Rate; - $400,000 in improvements almost completed, including new windows & exterior doors, new central boiler, new electrical panel and installation of mini-split HVAC units in all apartments.; - Nine of 19 units completely renovated
More about this property
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