$850,000 - 42 - 48 Water Street, Fredonia

PRIME COLLEGIATE APARTMENT COMPLEX JUST MINUTES FROM SUNY FREDONIA! The current owner of this fine property is situated in the heart of Fredonia NY, the home place for the universal learning center, State University of New York at Fredonia. The university has a student enrollment of between 5,000 to 9,000. This fine property uses the college student base for most of its income. The apartments are always rented, and have become the focal point for collegiate student housing. The current owner has a large construction company and has completely remodeled and revitalized the subject property to a point of perfection. The seller has remodeled all six buildings and apartments. There are new underground water, sewer, cable, telephone, and storm sewers. The buildings have new vinyl siding, roofs, and windows. The apartments have remodeled kitchens, baths, walls, flooring, etc. There are new furnaces and hot water tanks in each apartment, separate utilities, a large paved parking lot, central laundry facilities with eight sets of coin operated washers & dryers, producing $400 per month in revenue. All apartments have stoves & refrigerators. There are part student / part monthly tenants. The current property manager would consider doing the job for the new owner. The seller will consider owner financing. The property generates approximately $ 97,500 net profit annually. The financial data can be accessed through the link, "OTHER", at the bottom of the right hand column.