360 Rock Cut Road

Newburgh NY 12586

500940 sq. ft.

Land

Currently for sale - view listing

Overview

When opportunity comes knocking, the wise answer while the skeptics waver. This is your opportunity, 11.5 acres of land lakefront property. Orange Lake in Newburgh is a popular spot that is teeming with activity during the summer, motorboating, kayaking, and fishing just to name a few. And to some, there is also ice fishing in the winter. Residents who reside at the lakeside come together as a community and enjoy cozy dining at the Restaurant on the Lake. This parcel of 11.5 acres is zoned R1 and has the makeup of 7 acres of wetland which is protected and can be used solely for the boardwalk, and then another 4.5 acres of dry land which is buildable in either 1 full house claiming 3600 square feet which will equate to a cap rate 42% and Cash rate 62% or a duplex allowing for 2400 square feet of per unit which will equate to a cap rate 53% and Cash rate 94%. Renderings are available for each option upon request. Approvals have been obtained from the following, Dept of Transportation and Dept of Health. Investor's potential boon: since this parcel is zoned R1 which allows for, building 1 house to an acre, there is an excellent opportunity for a builder to hire the right architect who can come up with a subdivision layout and go for approval to build 4 houses on 1 acre each. This property is expected to go quickly submit your offer while this property lasts

Features

500940 sq. ft. lot size

Land

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