State Rte 17 W, Parksville, NY 12768

Building Details

Year Built 1950 More

Buildings 2 More

Stories 1 More

Listing Agency: Gregory Tarone

Listed By: Greg Tarone · License #NY 10491212413 Show Phone

Source: Crexi

Added: Dec 15, 2022 Changed: Nov 5 Last Checked: Nov 8 at 6:12AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gregory Tarone

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Investment Insights

Based on property information with market context.

The Sullivan Motel & Diner presents an investment opportunity in Parksville, NY. Located at 960 and 968 Parksville Rd, also known as 7234 Route 17 W, the property includes 23 rooms, comprising 22 guest rooms and a manager's apartment. Constructed in 1990, the two-story building offers approximately 6,000 square feet of space on a 2.42-acre lot. The property is zoned C and features a modular diner and a stream, with potential for fly fishing access. The site benefits from an upgraded septic system and the possibility of expansion with cabins along the stream border. The property is currently vacant and requires updating, including repairs to one room damaged by fire. The location is near a frequently visited gas station and diner, which attracts truckers. The property offers potential as a truck stop, motel, and fly fishing destination. The property has updated sewer and water. The seller is offering a First Purchase Money Mortgage without any subrogation rights: 30% down, balance of 70% at 6% interest-only monthly up to five (5) years, with no fees or prepayment penalty.

Key Highlights

• Owner financing available: 30% down, 70% at 6% interest‑only monthly up to five years, with no prepayment penalty or fees.
• Prime location next to a frequented gas station and diner, attracting truckers and offering growth potential.
• 23 rooms (22 motel rooms plus manager’s apartment) provide immediate income potential.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$77,598

Cap Rate

7.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,551,960 $1.6M

Cap Rate 7%

$1,108,543 $1.1M

Cap Rate 9%

$862,200 $862.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,000 SF

Gross rent

$108.0K $18.00/SF

− Vacancy

−$4.5K −$0.76/SF

EGI

$103.5K $17.24/SF

− OpEx

−$25.9K −$4.31/SF

NOI

$77.6K $12.93/SF

Area

Sullivan County, NY

Vacancy

4.20%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,551,960

Cap Rate 7%

$1,108,543

Cap Rate 9%

$862,200

Alternative Uses

Best Use

Specialty Retail

$1.11M

$970.0K – $1.29M (±1% cap)

NOI $77,598 @ 7.0% cap · market cap 7.88%

Second Best

Hotel Hospitality

$549.6K

$480.9K – $641.3K (±1% cap)

NOI $38,475 @ 7.0% cap · market cap 3.91%

Theoretical Best

Office A

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,200 @ 7.0% cap · market cap 11.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Motels

Location Intelligence

Trade Area within ½ mile

10

Businesses Nearby

2k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Citgo Shops & Services

1,582 visits/mo 0.1 miles

Demographics for 12768, NY

958

Population

784

Households

1.2

Avg Household Size

50

Median Age

25%

College-Educated

80%

High-School Grad

33.1 sq mi

ZIP Area

29

Density / Sq Mi

$34,406

Median Household Income

$23,879

Median Earnings

$271,300

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Similar Off Market Nearby

• New Memories — 862 Parksville Rd, Parksville, NY 12768

Frequently Asked Questions

What type of property is this?

Motel - Hospitality property with 23 rooms, diner, and stream access.

Where is this motel located?

The property is located at State Rte 17 W Parksville, NY.

What is the asking price?

The asking price for this property is $985,000.

What are key features of this property?

This property features: Owner financing available: 30% down, 70% at 6% interest‑only monthly up to five years, with no prepayment penalty or fees.; Prime location next to a frequented gas station and diner, attracting truckers and offering growth potential.; 23 rooms (22 motel rooms plus manager’s apartment) provide immediate income potential.