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THE BEACON HOTEL The hotel consists of two adjacent buildings. One was completely gut renovated eight years ago and consists of twelve fully modernized studio apartments with their own bathroom and kitchenettes upstairs and a popular restaurant, Carters, at ground level. The other building is a three story SRO hotel with twenty eight rooms, only one of which has a bathroom en suite. The others have shared bathrooms on the corridor. This building has three occupied retail spaces at ground level. There is ample parking at the rear of the building. What makes this property an exceptional investment opportunity is the rent roll which comes in at +/- $60,000 monthly. With a sales price of $5.5 million you're looking at a + 10 cap. Rental developers are focusing on the upper end of the market. There is a real dearth of low cost accomodations for single people. Which explains why a room without a bathroom in the SRO builidng rents for $1000 and up. We have a recent appraisal of the property which we can make available upon demand. This is your chance to become part of the Beacon success story. Only two decades ago a little rustbelt city with a shuttered Main Street, Beacon has come roaring back. The opening of the DIA Center of the Arts in 2004 provided the impetus for an influx of artists and former Brooklynites, lured by affordable home prices and proximity to NYC via hourly trains to Grand Central. The pandemic has " sealed the deal ". With remote work now increasingly the norm, a second wave of NYC dwellers are discovering the charms of country living within easy reach of the City.
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Listing information last updated on August 8th, 2024 at 8:20pm EDT.