7120 Poverty Hill rd - Multi-Family FOR SALE


Ellicottville, NY 14731
$950,000 USD
716-908-0057
7120 Poverty Hill rd, Ellicottville, NY for Sale
$950,000 USD
Multi-Family - FOR SALE
1/22
null | Request Cap Rate

7120 Poverty Hill rd
Ellicottville, NY 14731


HIGHLIGHTS

  • Short term rentals are permitted by right under Town of Ellicottville Zoning Code. No permit require for short term rentals in this location.
  • 5 Star Airbnb Rating
  • High Revenue Generation
  • 5 Minutes from Ski Resorts
  • 2 Hot Tubs
  • Ample Parking

OVERVIEW

Discover a bucolic gem and a highly profitable investment opportunity with this dual chalet property in the scenic four-season destination of Ellicottville. Spread across over 2.5 acres of captivating natural beauty, this unique offering consists of 2 well-maintained chalets. Notably, this exceptional property generated an impressive $145,000 in revenue in 2023, is fully pre-booked for the winter season, and is projected to experience a 30% increase in revenue for 2024. The property, sold fully furnished, features granite countertops, a new gym, and a stone fireplace. Its open-flow first floor is ideal for entertaining, complemented by a covered porch and fire pit area for enchanting outdoor living. Significant improvements have been made in the last year, including the installation of 2 new hot tubs. Located just a 5-minute drive from the village and ski slopes, the back cabin, the top-grossing 1-bedroom rental in Ellicottville, is a charming bungalow with a loft bedroom and covered porches. Capable of sleeping 18 guests, the property includes a 2-car garage, central A/C, and updated mechanicals. Short term rentals are allowed by right.

FOR SALE DETAILS

PRICE

$950,000 USD

PRICE/SF

$350 USD /SF

# OF UNITS

2

PRICE/UNIT

$475,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

7120 Poverty Hill, Ellicottville

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1928

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.55 AC

LAND SF

111,078 SF

ZONING

LD - Residential

APN/PARCEL ID

043689-046-002-0001-009-004-0000

ASK ABOUT THIS PROPERTY

Alina PierowiczVerax Real EstateMore Info
716-908-0057

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Alina PierowiczVerax Real EstateMore Info
716-908-0057

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.