6319 State Highway 7, Milford, NY 12116 | 131398 | HUNT Real Estate

6319 State Highway 7 $499,900

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    6319 State Highway 7 Milford, NY 12116

    • 8 Beds
    • 6 Baths
    • 5,370 sq. ft.
    • Multi-Family
    • MLS# 131398
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    Views: 7 Days On Site: 158

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    Property Details

    Description Tours

    Historic One of a Kind Homestead. Multiple houses on one incredible property with lucrative cap rate opportunities. Very few properties boast this many unique features because few properties boast this many unique buildings! Perhaps you were looking for a duplex to live in - rent one side and live in the other? How about live in one home and rent three others!There are four exquisite homes, each best in class and each with its own outdoor space, utilities, and infrastructure. As if that's not enough value for you, how about we add on a majestic renovated barn with a magical winding mezzanine and funky lighting. This could easily be used as an event center -- perfect for making memories or money as you wish! Wait, there's more. Are you a gear head? There's a large heated mechanic's garage that was used as a full shop with a hydraulic lift and professional-grade compressor. Even if you don't need to use the space yourself it could be a perfect maintenance building for the property or it could earn additional rental revenue.The exterior of the property is parklike with a variety of mature trees and beautiful landscaping. There are multiple driveways and access points and the homes are situated so everyone has privacy and a nice sized yard. On two sides there are wetlands that host a myriad of bird species and ice skating opportunities. There is a fire pit built into one of the decks near the water for those lazy summer evenings.On a budget? The entire package of buildings (besides the barn) can be heated for just $4,000 a year on the pea coal furnace, which also heats the potable water. Or, if simplicity is more your thing you can use the oil and propane heating systems and hot water units for each building.No matter how you utilize this property you will make an excellent return on your investment. Calculations suggest long-term rental of just the four homes and mechanic garage would yield a cap rate in excess of 13%. Short-term baseball rental would yield easily 15%+. Utilizing the space as a wedding venue would be well in excess of that - most likely 25 to 30% once your wedding season is fully booked. There's plenty of space to have the wedding and reception, park guests, and house the wedding party and families all on one park-like setting.Everything is in excellent shape. Each house has it's own septic system and sources of heat in case the coal stove is off. There are two wells, one for the doublewide and one for the main house which feeds the other buildings as well. Appliances are in good working order.The driveway is in solid condition. The foundations, siding, and roofing are in good shape on all the buildings. Taxes are low for such an incredible collection of buildings.If you want to own a piece of history and increase your financial good fortune at the same time then this property will be the perfect fit!Please look through all the pictures for additional remarks about

    • General Features
      • Assessment 239200.00
      • Association Otsego-Delaware
      • Property Subtype 1 Multi Family
      • Style Barn,Cabin,Farmhouse,Modular,2 Story
      • Year Built 1810
    • Building Features
      • Color White
      • Construction Frame
      • Electric 200+ Amp Service, Circuit Breakers, NYSEG
      • Exterior Barn,Deck,Porch,Storage/Out-Building,Guest House
      • Floor Carpet,Ceramic Tile,Wood
      • Foundation Block, Stone
      • Full Bathrooms 5
      • Garage Type Detached
      • Half Bathrooms 1
      • Heat Cool Type Oil Heating, Other, Propane Heating
      • Hot Water Electric
      • Interior Cathedral Ceiling,Ceiling Fan(s),Kitchen Isle,Open Beam Ceiling,Walk-In-Closet,Water Filtration Sys
      • Num Hot Water Heaters 0
      • Num of Fireplaces 0
      • Num of Furnaces 0
      • Num of Garage Spaces 1
      • Quarter Bathrooms 0
      • Roof Asphalt
      • Three Quarter Bathrooms 0
    • Property Features
      • Acres 2.9700
      • Lot Measurement Acres
      • Lot Size Source (Tax Records)
      • Lot Square Footage 129373.00
      • Sewer Septic System
      • Water Well
    • Schools
      • School District Oneonta

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    Neighborhood

    12116 (Milford) Demographics

    53 Median Age
    44 Population Density (per sq. mile)
    40% College Educated
    $49,241 Estimated Median Income
    575 Estimated Total Home Owners
    178 Estimated Total Renters
    76% / 24% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    1,712 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $235,000 Median Sales Price
    1 Homes Sold
    3 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $499,900 -25.93%
        6/28/2021 10:02:00 AM New in Database Source: Multiple Listing Service New Value: $674,900

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        Ostego-Delaware MLS. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. Data may not be reproduced or redistributed and may not be used for any purpose other than individual consumer's use.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.