$3,099,999
Own a piece of the Hamptons that pays you back. This opportunity is a fully built-out mixed-use property in Shinnecock Hills, Hampton Bays, on the busy main road between the Shinnecock Canal and Southampton Village. The 0.32-acre lot holds two buildings, about 12 parking spaces, and road frontage that gets… Read More year-round local traffic plus the summer rush heading east.
The main building's ground floor is an established, fully licensed bar and restaurant known locally as the Fish Hotel. It features a mahogany bar, a commercial kitchen, and a live-music stage. Upstairs are eight renovated studios, each with its own bath, kitchenette, and electric meter. Behind it is a separate three-bedroom Cape-style house with its own driveway and yard.
The numbers are just as strong. The restaurant is leased through July 2030 at $6,500 per month, which gives you long-term, dependable base income; but there is an option to be delivered vacant. The property currently brings in about $201,600 a year in rent. With the four vacant studios re-leased at a conservative $1,500 per month, projected gross income rises to about $273,600, for a projected net operating income of about $192,824. That's a 6.22% stabilized cap rate. Property taxes run only about $6,600 a year, a rare advantage for a Hamptons income property.
There's room to grow, too. The studios were most recently leased to a Southampton restaurant group for staff housing at $2,500 per unit, and the East End's ongoing demand for employee housing keeps these units in high demand. Offering memorandum and rent roll available to qualified buyers. All figures are projections; buyer to verify. Read Less
Listing Courtesy of Compass Greater NY LLC.
Listing Snapshot
Days Online
2
Last Updated
Property Type
Multi Family
Square Ft.
4,252
Lot Size
0.32 Acres
Year Built
1993
Property Tax
$6,600
MLS Number
1052176
Additional Details
Building
Built in 1993
Cooling
Ductless
Heating
Baseboard
Lot
0.32 acres
Parking
12 total parking spaces, Assigned, Driveway
Sewer
Public Sewer
Taxes
Parcel Number: 0900-191-00-02-00-023-000, Annual Amount: $6,600, Assessed Value: $628,900, Year: 2024, Zoning: R20
Utilities
Electricity Available, Electricity Connected, Sewer Available, Sewer Connected, Water Available, Water Connected, Water Source: Public
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Devang Patel
Realtor®

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