584 Warren RdFrewsburg, NY 14738

This Frewsburg, NY property, located at 584 Warren Road, 14738, presents a compelling value-add investment opportunity. The 5,000 square foot multifamily complex includes a 17-unit mobile home park, encompassing 5 tenant-owned mobile homes paying lot rent, 4 park-owned mobile homes, 5 vacant lots (with utilities in place), 1 duplex, and 1 owner-occupied unit. Currently operating at 70% occupancy, the property generates a net operating income (NOI) of $56,380, yielding a 10.07% capitalization rate. The asking price is $559,999, translating to $112 per square foot and $32,941.12 per unit. The expansive 53-acre lot offers significant expansion potential, with pre-existing plans to add up to 133 additional sites. Value-add opportunities include road paving, infilling homes, sub-metering water, and raising rents to market levels. Existing infrastructure includes sub-metered direct-billed electricity, public water (billed back to tenants), private septic, and gravel roads. This property offers multiple revenue streams, including potential farmland leasing and timber monetization. The property is classified as an apartment building, RV park, and student housing.