101 Main St 107 Phelps, NY 14532

This exceptional Phelps, NY property presents a unique investment opportunity. The 8,298 square foot building, constructed in 1839 and situated at 101 Main St, boasts a compelling blend of commercial and residential space. The property includes three spacious upper-level apartments, each offering comfort and convenience, and featuring an open rear deck. Below, find versatile retail spaces, ideal for a variety of uses such as a storefront, restaurant, or event space. Large front windows ensure maximum visibility and appeal. The building's prime location in a high-traffic area promises lucrative returns. Recent upgrades include a new rubber roof (2015) and new back stairs, ensuring long-term value and minimizing maintenance concerns. The property's strong rental income potential, coupled with the commercial space, makes this an attractive investment. With a pro-forma NOI of $46,735 and a pro-forma cap rate of 11.68%, this landmark property offers significant future potential. The asking price is $400,000, with a price per unit of $80,000. The property is currently available for sale by owner and the occupancy date is October 9, 2024. This is a rare chance to acquire a piece of Phelps history with substantial upside.