48-50 Horseshoe Lake Rd
Kauneonga Lake, NY
Excellent 5-unit investment opportunity in the desirable hamlet of Kauneonga Lake.
If you have been searching for a lucrative property with tremendous upside to add to your portfolio, then look no further than 48-50 Horseshoe Lake Road. The property consists of two adjacent lots being sold as a package; 48 Horseshoe Lake Road has a side-by-side duplex & 50 Horseshoe Lake Road has a main house plus two year-round cabins. All of this being right across from the lake and right up the road from Kauneonga Lake’s shops and restaurants ensures a steady stream of potential renters. Close proximity to Resorts World Catskills, The Kartrite Indoor Water Park, & the Center for Discovery has ensured that the rental units have consistently stayed rented.
The main house is owner occupied. It features three bedrooms, two bathrooms and an unfinished basement. The main level has a spacious living room, formal dining room, and a large kitchen. There is a spacious deck located off the kitchen. The upper level has three bedrooms and a full bathroom. Hardwood floors, large rooms, high ceilings, and lots of windows accentuate the mid-century aesthetic and charm. The basement offers a washer/dryer, newer boiler and oil tank, and plenty of storage space. Overall, the house is in good shape and could just use some cosmetic updates before it would be ready to rent.
There are two cabins at the back of the property, both of which are currently rented. Three new parking spaces have recently been added for these units.
Cabin 50B is a good-sized one bedroom with a large foyer and an in-unit washer/dryer. This cabin has spray foam insulation under the house and its own electric meter. It was renovated a few years back and the interior is in good shape.
Cabin 50C is a charming studio that was recently updated and is in excellent condition. It features vinyl plank flooring, shiplap ceilings, and a kitchenette with granite countertops and an island. On the outside, it has a covered wooden deck across the width of the cabin. This cabin was renovated with new windows, a new bathroom, new kitchen, new flooring, and spray foam insulation. It does not have its own electric meter; it is connected to the main house.
The side-by-side duplex offers two 1BR apartments, both of which are currently vacant. Each unit has its own entrance and off-street parking.
The left-side apartment (48A) has a new refrigerator, new electric range, and a combo washer/dryer. This unit is in good shape and is basically ready to be rented out, it just needs a new water heater. It has its own electric meter.
The right-side apartment (48B) is in the early stages of renovation and will need to be finished before it can be rented out. The old flooring has been ripped out and new light fixtures have been added. The renovation shouldn’t be extensive or take too long, it just needs kitchen cabinets, flooring, paint and similar finishing. This unit also has its own electric meter.
White Lake/Kauneonga Lake is a 280-acre motorboat lake located in central Sullivan County. It is one of the most popular lakes for residents and visitors alike, which is a strong draw for potential tenants. The Kauneonga Lake side a charming area with boutique shops and restaurants. Enjoy lakeside dining at Benji & Jakes or The Local Table & Tap. Grab some ice cream at Sticky Fingers Delectables or a slice of pizza at Sorella. Bring your boat or jet skis to the public boat launch and spend the day on one of the best lakes in the area. Score some fresh, local goodies at the weekly Kauneonga Lake Farmer's Market or head up the road to Bethel Woods for a concert or Harvest Festival.
Contact us today for more information and to receive a full offering memorandum.