Exceptional investment opportunity in the heart of Sherrill, NY! This 8-unit multifamily property is being offered AS-IS and presents significant upside for an investor or owner looking to complete a full renovation and reposition the asset. The property currently consists of two 2-bedroom/1-bath units, four 1-bedroom/1-bath units, and two studio units. Three units are currently occupied, with the remaining units vacant, providing an opportunity to renovate and lease units as improvements are completed. With a substantial renovation, the property offers the potential for significant value appreciation and increased rental income with a 17%+ cap rate and a 40% cash on cash return. Conveniently located just 7 minutes from Turning Stone Resort Casino, and 9 minutes from Vernon Downs Racino, close to major roadways, shopping, dining, and area amenities. Excellent opportunity for investors seeking a value-add multifamily project in a desirable location.
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Vernon is located in New York. Vernon, New York has a population of 8,292. Vernon is less family-centric than the surrounding county with 19.22% of the households containing married families with children. The county average for households married with children is 27.03%.
The median household income in Vernon, New York is $79,850. The median household income for the surrounding county is $61,733 compared to the national median of $69,021. The median age of people living in Vernon is 47.7 years.
The average high temperature in July is 80.5 degrees, with an average low temperature in January of 11.8 degrees. The average rainfall is approximately 46.9 inches per year, with 104 inches of snow per year.
