17 Maple Street, Oneonta _ Triple Net

Lucrative investment property with guaranteed 10+ year triple-net lease. All rent is an absolute net to the landlord. Currently, rent payments are made at $6,120 per month with annual increase of 2%. The Tenant pays for all interior and exterior maintenance, all taxes, all upgrades, all code compliance, all utilities, all insurance and all tenant liability. Long-term rental arrangement with a national Sorority organization. This is an excellent location in the growing and thriving college town of Oneonta which functions as the main hub for shopping, education, and healthcare for Otsego and Delaware County residents. The property is near Hartwick College and the State University of NY - Oneonta and a short walk to the bus stop, Main Street, and downtown local attractions. With easy access to I- 88, a 60 minute drive East or West will take you to Albany or Binghamton. The property has a city permit for up to 21 residents. It has 9 bedrooms and 5 bathrooms. It is outfitted with a commercial sprinkler system, commercial appliances, and fire escapes from the 2nd and 3rd floors. Guaranteed minimum cap rate of 5.88%+ (the cap rate will increase with the annual rent increases). The property is well positioned to appreciate over time based on economic/education trends in the region and accelerated by post-COVID-19 population trends as folks move into the area from more urban regions of NYS. This is a good option as a hedge against inflation and recession with 10 years remaining on the lease. Also a good fit for simple 1031 exchange deals.