87 North RD Hampton Bays, NY 11946
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1052176
Rental Info No
Year Built 1993
Annual Tax Amount $6,600
Lot Size 0.320 Acres
Acres 0.32
Property Sub-Type Multi Family
Source onekey2
Property Description
The main building's ground floor is an established, fully licensed bar and restaurant known locally as the Fish Hotel. It features a mahogany bar, a commercial kitchen, and a live-music stage. Upstairs are eight renovated studios, each with its own bath, kitchenette, and electric meter. Behind it is a separate three-bedroom Cape-style house with its own driveway and yard.
The numbers are just as strong. The restaurant is leased through July 2030 at $6,500 per month, which gives you long-term, dependable base income; but there is an option to be delivered vacant. The property currently brings in about $201,600 a year in rent. With the four vacant studios re-leased at a conservative $1,500 per month, projected gross income rises to about $273,600, for a projected net operating income of about $192,824. That's a 6.22% stabilized cap rate. Property taxes run only about $6,600 a year, a rare advantage for a Hamptons income property.
There's room to grow, too. The studios were most recently leased to a Southampton restaurant group for staff housing at $2,500 per unit, and the East End's ongoing demand for employee housing keeps these units in high demand. Offering memorandum and rent roll available to qualified buyers. All figures are projections; buyer to verify.
Location
State NY
County Suffolk County
Interior
Heating Baseboard
Cooling Ductless
Fireplace No
Exterior
Parking Features Assigned, Driveway
Utilities Available Electricity Available, Electricity Connected, Sewer Available, Sewer Connected, Water Available, Water Connected
Total Parking Spaces 12
Building
Foundation Other
Sewer Public Sewer
Water Public
Structure Type Other
Schools
Elementary Schools Hampton Bays Elementary School
Middle Schools Hampton Bays Middle School
High Schools Hampton Bays
School District Hampton Bays
Others
Special Listing Condition None
Nearby Locations
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