Multi-Family Space For Sale @ 860 Vestal Rd

Offered for sale is this rare Vestal development opportunity. This is an approved development of a 128 Unit 55+ community in Vestal, NY. The existing structure is approximately 86,867 Square Feet the development plans call for increasing the square footage to approximately 135,597 Square Feet. This is an ideal location for a planned 55+ development. The average income in Vestal is 44% higher for Households than the remainder of Broome County and 35% higher for families. This site is directly on Old Vestal Rd. with 531.76 ft of Vestal Rd frontage. This site is very close to the I86, State Route 434 and State Route 26 interchanges. This project has a high barrier to entry. At the asking price there is immediate equity. Estimated total construction costs $24,300,537 with an estimated end market value at a 6% CAP rate of $40,415,416. Estimated time to project completion is 18 months. This space offers accomodations for: midrise.