Offered for sale is this rare development opportunity only 1.7 miles from Cornell University. If location is everything then this site has it all ! This is an excellent location for development. 1.7 Miles from Cornell University. Directly on Dryden Rd. leading into Cornell. Near the Ivy Ridge development. Cornell University is the largest IVY League University in the United Stated. This site has a daily traffic count of 18,276 and affords residents with fast and easy access to the main roadway entering Cornell. This is a pre approved and shovel ready project which went through several months of contentious review prior to approval. The City of Dryden has proposed limiting the density of future developments as the Town of Varna has seen a 700% increase in population over the past 8 years. The proposal will limit population growth to 50% and make this one of the last developments of this degree in the Town of Varna. Planned development is for 47 units with 104 Beds. Planned unit mix is: 8, 1 Bed Units, 21, 2 Bed Units and 18, 3 Bed Units. This project has estimated projected gross rents of $1,216,800, an anticipated estimated NOI of $752,096.74 and a projected estimated end market value of $12,534,945 based on current market CAP rates. The estimated projected CAP rate is based on a construction estimate of $8,500,000.
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