Commercial in Ulster County
|Address||1 King Street, Marlboro, NY 12542-6141 show map|
|Price||$419,000 show mortgage calculator|
|Est. Sq. Footage||3332|
This building is currently leased to a prominent local Restaurant operator. The building reflects the rich character of the historic hamlet of Marlboro which is currently undergoing a transformation, making several improvements to its infrastructure and streetscapes. This facility has long been a well known dining destination for locals as well as those from surrounding Mid Hudson towns. There are two separate entrances for the first and second floors. The upstairs is currently being used for dining and larger events, however, the upstairs has also been used in the past as a large luxury apartment and is easily convertible if desired. The first floor boasts a beautiful / inviting bar with views of the village. Also available are patio seating in both the front and rear of the building. Finally there is a basement used for storage and food prep with a staircase leading to the kitchen. With the tenant paying all operating expenses with exception of taxes, this investment currently generates and 8.4% cap rate improving overtime with 3% annual rent escalations committed in lease.
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