5987 Route 28, Phoenicia, NY 12464 (MLS# 20240715)
$2,200,000
Phoenicia, NY 12464
MLS# 20240715
Status: Closed
16 baths
1 / 32
Property Description
THE PHOENICIA LODGE - The perfect marriage of vintage charm and modern convenience is made in this topnotch hospitality property in the heart of the Catskill Mountain Region. Reception, five motel rooms, two suites, six circa 1940 cottages and a garage space combine to total 19 bedrooms and 16 bathrooms. Buildings are spaced in a park-like setting under towering pines surrounded by hammocks, picnic tables, charcoal grills and a communal fire pit. A short walk brings you to public access to the quintessential Catskill creek, the Esopus, famous for its trout fishing, tubing and bathing. All lodging units have free wi-fi, cable TV and DVD players with free access to a DVD library. All cabins and suites have newly renovated kitchens fully stocked with cookware and dinnerware. Each motel room has its own mini-fridge and old school telephone. Current owner-operators have worked wonders on their watch! Improvements include 7 new roofs; 61 new windows; new stoves, refrigerators and appliances; and new stand by generators that power the entire property when needed. Attention to every detail has cultivated loyal return business contributing to great financials and a 9% CAP rate. There is ample room for growth. An additional two 2 bedroom suites can be monetized the and 1100 square foot brick garage is an event space waiting to happen. Included in the sale: the real property on 2 parcels; fixtures & appliances; furniture, small wares, linens, equipment & supplies for all rental units; DBA, website & social media. Sellers to provide a smooth transition for you to hit the ground running with a positive cash flow on Day 1. Two hours from the GWB, this location truly has it all—world class natural beauty, skiing, hiking, biking, tubing, arts, culture and cuisine all in one amazing place. Near the villages of Phoenicia and Woodstock, Belleayre and Hunter Mountain ski centers and the new Ashokan Rail Trail. This is your opportunity to be a part of it all!
Details
Contract Information
Listing Agreement: Exclusive Right To Sell
Owner Name: Stark-McNamara LLC
Owner Phone: Call LA
Current Price: $2,200,000
Original List Price: 2200000
Sold Price: $2,200,000
Status: Closed
Listing Contract Date: 2024-03-23
Property Sub Type: Multi Family
Location, Tax, and Legal
School District: Onteora Central
General Tax: 6608
School Tax: 6162
Tax Annual Amount: 12770
Tax Assessed Value: 132000
Tax Legal Description: 43,2,5987 Route 28
Tax Lot: 43
Tax Block: 2
Zoning Description: HR
Directions: NYS Thruway to Kingston Exit 19; Route 28W for 23 miles; Phoenicia Lodge at 5981 Route 28 on left
General Property Information
Number Of Units Total: 15
Lot Size Acres: 1.4
Lot Size Dimensions: 1.40
Association YN: No
Garage YN: Yes
Attached Garage YN: No
Garage Spaces: 2
Sign On Property YN: No
Disclaimer: The listing broker's offer of compensation is made only to participants of the Hudson Valley Catskill Region MLS.
Stories: 2
Bathrooms Total: 16
Year Built: 1940
Remarks and Miscellaneous
Public Remarks: THE PHOENICIA LODGE - The perfect marriage of vintage charm and modern convenience is made in this topnotch hospitality property in the heart of the Catskill Mountain Region. Reception, five motel rooms, two suites, six circa 1940 cottages and a garage space combine to total 19 bedrooms and 16 bathrooms. Buildings are spaced in a park-like setting under towering pines surrounded by hammocks, picnic tables, charcoal grills and a communal fire pit. A short walk brings you to public access to the quintessential Catskill creek, the Esopus, famous for its trout fishing, tubing and bathing. All lodging units have free wi-fi, cable TV and DVD players with free access to a DVD library. All cabins and suites have newly renovated kitchens fully stocked with cookware and dinnerware. Each motel room has its own mini-fridge and old school telephone. Current owner-operators have worked wonders on their watch! Improvements include 7 new roofs; 61 new windows; new stoves, refrigerators and appliances; and new stand by generators that power the entire property when needed. Attention to every detail has cultivated loyal return business contributing to great financials and a 9% CAP rate. There is ample room for growth. An additional two 2 bedroom suites can be monetized the and 1100 square foot brick garage is an event space waiting to happen. Included in the sale: the real property on 2 parcels; fixtures & appliances; furniture, small wares, linens, equipment & supplies for all rental units; DBA, website & social media. Sellers to provide a smooth transition for you to hit the ground running with a positive cash flow on Day 1. Two hours from the GWB, this location truly has it all—world class natural beauty, skiing, hiking, biking, tubing, arts, culture and cuisine all in one amazing place. Near the villages of Phoenicia and Woodstock, Belleayre and Hunter Mountain ski centers and the new Ashokan Rail Trail. This is your opportunity to be a part of it all!
Status Change Information
Status Change Timestamp: 2024-11-19
Buyer Financing: Conventional
Major Change Timestamp: 2024-11-19T18:03:56Z
Major Change Type: Status Change
Purchase Contract Date: 2024-04-26
Close Date: 2024-11-19
Close Price: 2200000
Appliances
Dishwasher: 1
Dryer: 1
Electric Water Heater: 1
Microwave: 1
Oven: 1
Range: 1
Refrigerator: 1
Washer: 1
Other: 1
Architectural Style
Cabin: 1
Book Information
Liber/Book: 6575
Page: 280
Section: 13.16
Construction Materials
Brick: 1
Frame: 1
Stone: 1
Wood Siding: 1
Cooling
Wall Unit(s): 1
Window Unit(s): 1
Exterior Features
Lighting: 1
Fireplace Features
Living Room: 1
Propane: 1
Wood Burning: 1
Other: 1
See Remarks: 1
Heating
Forced Air: 1
Oil: 1
Propane: 1
Wall Furnace: 1
Listing Terms
Lease Option: 1
Lot Features
Landscaped: 1
Other Equipment
Generator: 1
Other Structures
Second Residence: 1
Other: 1
See Remarks: 1
Parking Features
Off Street: 1
Plumbing
Mixed: 1
Roof
Asphalt: 1
Shingle: 1
Security Features
Carbon Monoxide Detector(s): 1
Smoke Detector(s): 1
Sewer
Cesspool: 1
Showing Considerations
Occupied: 1
Utilities
Cable Available: 1
Water Source
Public: 1
Income and Expenses
Cap Rate: 9
Electric Expense: 5243
Fuel Expense: 20752
Gross Scheduled Income: 357567
Insurance Expense: 11856
Manager Expense: 61250
Monthly Income: 29797
Net Operating Income: 189184
New Taxes Expense: 12770
Other Income: 0
Professional Management Expense: 2
Supplies Expense: 28500
Total Annual Expenses: 168383
Trash Expense: 2988
Water Expense: 450
Owner Pays
All Utilities: 1
Electricity: 1
Gas: 1
Insurance: 1
Management: 1
Oil: 1
Repairs: 1
Sewer: 1
Taxes: 1
Trash Collection: 1
Water: 1
Other: 1
Showing Requirements
24 Hour Notice: 1
Appointment Only: 1
Call Listing Agent: 1
Showing Information
Showing Instructions: Contact LA - 845 532-7119
Historical Information
UC Public Historical Remarks: FIPS Code: NY111, Terms: To Qual. Buyer, Age: 61-100, Appliances: Oven-built In, Lot/Site: Hamlet/village, Lease Type: Other, Tenant Pays: Rent Only, Tenant Pays: Rent Only
Location Tax and Legal
Street Number: 5987
Street Name: Route 28
State: NY
Zip Code: 12464
Town (Taxable): Shandaken
Property Features
Appliances: Dishwasher; Dryer; Electric Water Heater; Microwave; Oven; Range; Refrigerator; Washer; Other
Architectural Style: Cabin
Construction Materials: Brick; Frame; Stone; Wood Siding
Cooling: Wall Unit(s); Window Unit(s)
Exterior Features: Lighting
Fireplace Features: Living Room; Propane; Wood Burning; Other; See Remarks
Heating: Forced Air; Oil; Propane; Wall Furnace
Listing Terms: Lease Option
Lot Features: Landscaped
Other Equipment: Generator
Other Structures: Second Residence; Other; See Remarks
Owner Pays: All Utilities; Electricity; Gas; Insurance; Management; Oil; Repairs; Sewer; Taxes; Trash Collection; Water; Other
Parking Features: Off Street
Plumbing: Mixed
Roof: Asphalt; Shingle
Security Features: Carbon Monoxide Detector(s); Smoke Detector(s)
Sewer: Cesspool
Showing Considerations: Occupied
Utilities: Cable Available
Water Source: Public
Showing Requirements: 24 Hour Notice; Appointment Only; Call Listing Agent
Listing Courtesy of Halter Associates Realty
Listing Agent: Peter Cantine