Select Real Equity Advisors, LLC (“SREA”) has been appointed Exclusive Broker to market for sale a rare opportunity to acquire a multifamily property in The Hamptons known as - Fieldstone at East Hampton, consisting of 20 rental units conveniently located at 515 Montauk Highway (Route 27A), East Hampton, Suffolk County, New York
- Fieldstone at East Hampton offers a truly rare opportunity to acquire a multifamily apartment community in The Hamptons, one of the most sought-after asset classes and geographic regions in the entire United States. Affordable rental housing is in very high demand for those employed in the region, as well as those seeking an affordable home base in which to live and play in The Hamptons. The property also has more than ample grade level parking that is very appealing to the tenant base.
- The property had previously operated as a motel and has been converted to multifamily rental by the present ownership who has invested +/-$1,500,000 in a capital improvement program between 2020-2022 including significant interior and exterior renovations with new kitchens and baths, flooring, HVAC, windows, roofs, façade renovations, landscaping, hardscape, parking lot, and an onsite laundry facility.
- Fieldstone is also viewed as highly desirable as it is an open market rental community and is not subject to rent control or stabilization laws.
- Fieldstone is conveniently located on Montauk Highway and is optimally positioned for tenants’ access to area shopping, dining, employment sources and regional amenities including area parks and beautiful beaches.
- Additional value may be created through capitalizing on the rental revenue opportunities in The Hamptons marketplace, introducing storage options in the basements and through renting out the garage that is currently utilized for the AirBNB operations.