2968 Rte 28 Highway, Shokan
Wonderful multi-use property on highly traveled State Route 28 in Shokan across the street from the Rail Trail, with 50,000 cars passing daily. Cap rate is now just over 8. Fully occupied 5 residential apartment units in two buildings as well as an awning business, "Sun Shelters", that has been in this same location for 72 years with over 300 customers. The awning business is available at $75,000. The awning unit has a small showroom with passive solar heat that heats nearly the entire front building when the sun shines. Both buildings are well set back off of the highway yielding a good quality of life for the tenants. The new Ashokan rail trail along the stunning reservoir are within walking distance of the property. Woodstock and Phoenicia with all their recreation, culture, restaurants are 10 minutes away, while Kingston is 15 minutes. The nearby reservoir and Esopus creek yield excellent fishing for the anglers. With vast state land in the area, hiking, biking, skiing and hunting are enjoyed by many. This property has been nearly fully occupied for the last 50 years. The buildings are in good shape with many updates over the past 15 years. This is a true business opportunity with great exposure on State Rte 28. A new sewer line has been approved for the Rte 28 corridor. The property is perfect for a plumber, electrician or any other tradesman if the Awning business isn't continued. There is a shop on the rear building. There are other garages and sheds for storage of materials. Miscellaneous expense includes 3% of gross for Maintenance and 3% for vacancy and loss. See financials in Docs. Unit 6 is the office, a bath, 2 garages and the shop. Market rent is estimated at $800. The shop is in the rear building #2. This unit could be a professional office or an office, shop, showroom and storage for any kind of tradesman or retail venture. Please have your buyers view the videos of the apartments before showings the links to the videos of the apartments are in agent remarks.
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