318 State Highway 59

Description

10% Cap Rate Investment – 100% OccupancyLocated on Highway 59 in the heart of Summerdale, this 2.3-acre property is zoned B-2 (Commercial Business) and offers high visibility and strong traffic counts. The property includes eight cottages/tiny homes (ten rental units total) with approximately 5,900 square feet of rentable space. All units are furnished and leased on a weekly basis. Riviera provides electricity, Point Broadband provides internet, and the Town of Summerdale provides water and sewer.Although the property is currently 100% occupied, a 10% vacancy expense has been applied in the underwriting to reflect realistic long-term performance and to calculate the stated 10% cap rate.Financials (Annual)Insurance: $10,800Taxes: $3,850Utilities: $26,000Landscaping: $2,100General Maintenance & Repairs: $9,048Vacancy (Hypothetical 10%): $18,096Property BreakdownBuilding 1 (Triplex, c. 1943 / former Summerdale Post Office)Approx. 1,543 sq. ft. totalUnit 1A: ~700 sq. ft., rents $320/week (potential $400/week with renovation)Units 1B & 1C: ~400 sq. ft. each, rent $320/weekCottage 2 – 3BR/1BA, ~1,042 sq. ft. | Renovated 2017 | Tenant since 2022Cottage 3 – 1BR/1BA, ~435 sq. ft. | Renovated 2024 | Tenant in placeCottage 4 – Studio, ~224 sq. ft. | $260/week | Tenant since 2021Cottage 5 – 2BR/1BA, ~710 sq. ft. | Renovated 2022Cottage 6 – 1BR/1BA, ~540 sq. ft. | Tenant since 2017Cottage 7 – 1BR/1BA, ~480 sq. ft. | Renovated 2018 | Tenant since 2019Cottage 8 – 2BR/1BA, ~685 sq. ft. | Renovated 2023Laundry Facility – ~144 sq. ft., currently free to tenants. Potential for revenue if converted to coin-operated.Investment Highlights10% Cap Rate calculated with 10% vacancy factorCurrent 100% occupancy and consistent rental performanceHighway 59 frontage with strong visibility and traffic countsValue-add potential through rent increases and laundry conversionAll information deemed reliable but not guaranteed. Buyer to verify all information during due diligence.