50 Colonial Springs RdWheatley Heights, NY 11798

Property Details for 50 Colonial Springs Rd

Year built

1982

Lot size

2.96 AC

Property size (Sq ft)

44,600 SF

Property type

Apartment buildings

Description

This exceptional 72-unit senior apartment complex in Wheatley Heights, NY, presents a compelling value-add investment opportunity. Priced at $17,300,000, this fee-simple property boasts a 4.83% cap rate and a strong NOI of $835,466. The six, two-story buildings encompass 44,600 square feet on a 2.96-acre lot, zoned SC-Senior Community. Currently, 85% occupied, the property offers significant upside potential due to approximately 22% vacancy (including pending evictions) and below-market rents (under $2,000/month for most of the 72 one-bedroom units). Each unit features a full kitchen, shower/tub, and wall-mounted air conditioning. On-site amenities include a management office, laundry facilities, a small recreation room, and resident bathrooms. The property benefits from its location within the prestigious Half Hollow Hills School District, near Colonial Springs Golf Club, Usdan Center for the Performing Arts, and Long Island Adventure Park. An appraisal completed in April 2024 supports the asking price. The property's proximity to a population of approximately 256,000 within a 5-mile radius and a median household income of about $109,000 within 1 mile further enhances its investment appeal. Renovations and improved on-site management will yield a substantially higher return.

Location Insight

City

Wheatley Heights

County

Suffolk

State

New York

Latitude

40.7571

Longitude

-73.3772

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