15 Hakes Ave Hornell, NY 14843
- Apartment buildings
- 5,000 SF
- 0.25 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 15 Hakes Ave
- Year built
- 1926
- Lot size
- 0.25 lot acres
- Property size
- 5,000 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a fully renovated, three-unit apartment building in Hornell, New York. Located at 15 Hakes Ave, this 5,000 square foot property boasts a remarkable 17.65% cap rate and a strong net operating income (NOI) of $33,530. The building, constructed in 1926 and extensively renovated in 2020, sits on a 0.25-acre lot and offers three parking spaces per unit. Currently operating at 100% occupancy (as of May 31, 2023), this stabilized, turnkey investment provides hands-off management and consistent cash flow. Each of the three units is priced at $63,331.67, contributing to the property's attractive price per square foot of $38. The building is classified as Class C and features two stories. This fee-simple ownership offers a rare opportunity for investors seeking a high-yield, low-maintenance property in a prime Steuben County location. The streamlined rent collection process ensures timely payments, minimizing owner involvement and maximizing returns. This is an ideal investment for both seasoned and new investors looking for a stable and profitable venture. The property's recent renovations minimize the need for immediate maintenance, further enhancing its appeal.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hornell
- County
- Steuben
- State
- New York
- Longitude
- -77.6575
- Latitude
- 42.3273
