Overview

Description

Offered for sale is this rare Vestal development opportunity. This is an approved development of a 128 Unit 55+ community in Vestal, NY. The existing structure is approximately 86,867 Square Feet the development plans call for increasing the square footage to approximately 135,597 Square Feet. This is an ideal location for a planned 55+ development. The average income in Vestal is 44% higher for Households than the remainder of Broome County and 35% higher for families. This site is directly on Old Vestal Rd. with 531.76 ft of Vestal Rd frontage. This site is very close to the I86, State Route 434 and State Route 26 interchanges. This project has a high barrier to entry. At the asking price there is immediate equity. Estimated total construction costs $24,300,537 with an estimated end market value at a 6% CAP rate of $40,415,416. Estimated time to project completion is 18 months.

Directly on Old Vestal Rd. Near the I86 interchange. The demographics in Vestal lead to high end housing. Easy access to I86 as well as State Route 434. In close proximity to Wal Mart, Target, Sams Club, as well as many other shops, restaurants and amenities.

Highlights

• Rare Vestal Development Opportunity.
• High barrier to entry project.
• Close proximity to State Route 434 and the I86 Interchange.
• High end housing.
• Sale includes the building, land, all plans and entitlements.
• Shovel ready.

Documents

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