MLS #25790
Edgartown Real Estate

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Edgartown Commons is a seasonal, 35-unit residential condominium in downtown Edgartown consisting of studio, one-bedroom, two-bedroom and larger units for use by owners as well as rental to summer guests. Edgartown Commons’ management markets, maintains, and rents the fully furnished units as vacation accomodations with full kitchens, baths, living and dining areas. Unit 34 is a one-bedroom unit which sleeps 5 on the desirable 2nd floor of the “Pool Building” with views of the pool and beyond. The amenities of Edgartown Commons include the pool, bathhouse with shower, children’s playground, picnic and grill areas, ample free parking, 24-hour on-site management, wireless internet, cable TV and coin-operated laundry, but its major advantage is its location. Edgartown Commons is located on quiet Pease’s Point Way, around the corner from the island bus terminal, walking distance to the Fuller Street/Lighthouse beaches and two blocks from Edgartown’s Main Street shops, restaurants and attractions.  The rental history since Unit 34 was purchased in 2006 averaged $21,000 in gross revenues annually with approximately 55% in condominium expenses, resulting in an average net annual income of $9,600 before owner improvements and insurance.  This approximately 4.5% annual return on income (4.3% after insurance), coupled with the tax effect and appreciation over time represents an attractive investment in downtown Edgartown real estate as well as a superior location for your Vineyard vacation.  Edgartown Commons is closed from November through April but available to owners wishing to stay in their units during the 6-month May through October rental season for their pro-rata share of management and operating expenses, averaging 36% of the published rental rate.  Since each unit is individually owned, each owner is responsible for furniture, fixtures, appliances and decor, not including common items such as linens, flatware and china, which Edgartown Commons Condominium supplies. Unit 34 is being sold fully furnished.
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Price:  $225,000
15 Mill Street
Edgartown, 02568
Type: Condo
Beds: 1
Baths: 1.0
Square Footage: 478 sqft.
Area
Edgartown
Subdivision
Downtown
Zoning
R5
Water
Town
Sewer
Town
Year Built
1978
Furnished
Furnished
Rooms
2
Flooring
Carpet and Vinyl
Heating
Electric
Yard
Common Area
Outdoor Spaces
Community Pool
Parking
Yes
Dishwasher
Yes
Dryer
Coin-operated Laundry on site
Refrigerator
Yes
Stove
Yes
TV
Cable
Washer
Coin-operated Laundry on site
Listing Agent
Smadbeck, Art
Listing Office
Priestley Smadbeck & Mone