Apartment Complex -Views of Historic Lighthouse and Vermont
Neighbors are high end larger lakefront homes.
Lot- 85' x280.'
3 Buildings-Built circa 1970,1988 and 1995.
Main Building-6 Units (4-2 Bedrooms and 2-1 Bedrooms).
Middle Buidling-8 garages, Office, with Owners Apartment Above (Large 1 Bedroom with great deck and views).
Back Building-3 Units (3-2 Bedrooms).
All new 30 year shingled roofs.
Buildings and property have been consistently well maintained.
Most tenants have 1 year leases and have a good long rental history. Vacancy has never been a concern. Current owners have not lost more than a total of maybe 4-6 months of rent in 22 years.
Rents range from $450 to $650. Rents are about 10 to 15% below Market rates.
Current Annual Income (excluding Owners Apartment which could rent for $775) is $63,000.
Current Annual Expenses are $16,050 (Includes property taxes,water, sewer,snow removal, insurance). Please note that a new owner could anticipate their annual taxes increasing by approximately $8000.
Owner Financing possible with a 20% down payment for possibly 25 years at a very competitive interest rate.
Rouses Point is a small Village on the Vermont and Canadian borders. A Lakeside community that is 1 hour from Burlington Vermont, Lake Placid and Montreal. Rouses Point has received more than $500,000 in State grant money to revitalize the downtrown and Lakefront. A new pier has been built, Lakeside park and walkway is being planned. Marinas are full and the Lake is busy. New retail shops have opened. A strong Canadian Dollar and High gas prices has created a great time for local tourism and retail. Our largest employers (Wyeth-Akrimax and the US Customs/BOrder Patrol continue to hire more people. This is a great time to invest in Rouses Point.
Upside
Buy Owners 4 unit townhouse rentals around the corner to add economies of scale.
Consider Reaching Market Rental Rates
Add docks or Boat moorings for a fee.
Asking $650,000
