87 North Road

Description

Own a piece of the Hamptons that pays you back. This opportunity is a fully built-out mixed-use property in Shinnecock Hills, Hampton Bays, on the busy main road between the Shinnecock Canal and Southampton Village. The 0.32-acre lot holds two buildings, about 12 parking spaces, and road frontage that gets year-round local traffic plus the summer rush heading east. The main building's ground floor is an established, fully licensed bar and restaurant known locally as the Fish Hotel. It features a mahogany bar, a commercial kitchen, and a live-music stage. Upstairs are eight renovated studios, each with its own bath, kitchenette, and electric meter. Behind it is a separate three-bedroom Cape-style house with its own driveway and yard. The numbers are just as strong. The restaurant is leased through July 2030 at $6,500 per month, which gives you long-term, dependable base income; but there is an option to be delivered vacant. The property currently brings in about $201,600 a year in rent. With the four vacant studios re-leased at a conservative $1,500 per month, projected gross income rises to about $273,600, for a projected net operating income of about $192,824. That's a 6.22% stabilized cap rate. Property taxes run only about $6,600 a year, a rare advantage for a Hamptons income property. There's room to grow, too. The studios were most recently leased to a Southampton restaurant group for staff housing at $2,500 per unit, and the East End's ongoing demand for employee housing keeps these units in high demand. Offering memorandum and rent roll available to qualified buyers. All figures are projections; buyer to verify.

Property Details

Cooling

Ductless

Heating

Baseboard

Schools