REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 299,999
Est. payment | /mo
5 Baths
3,500 SqFt
$ 299,999
Est. payment | /mo
5 Baths
3,500 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $85
MLS Listing ID 11924485
Full Baths 5
Year Built 1940
Annual Tax Amount $2,670
Property Description
Turnkey, fully renovated 5-family investment property located in Gloversville offering over 3,000 square feet and strong, immediate cash flow potential. This income-producing multi-family asset is ideal for investors seeking a stabilized property with minimal ongoing expenses and maximum rental efficiency. Each unit has been updated with hardwood flooring throughout, fresh paint, updated electrical outlets, switches, lighting fixtures, and smoke and carbon monoxide detectors, creating a clean, low-maintenance environment attractive to tenants. A major investment advantage is that each unit is separately metered for gas and electric, allowing tenants to pay their own utilities and significantly reducing owner expenses. This setup maximizes net operating income and simplifies property management-an essential feature for long-term cash flow performance. All units feature private entrances along with individual porch or balcony space, giving tenants added privacy and a single-family feel. The property also offers front and backyard space, further enhancing tenant appeal and usability. The layout includes large bedrooms and spacious living areas, supporting strong rental demand and competitive positioning in the local market. Situated on a corner lot, the property benefits from excellent visibility, natural light, and accessibility. Additional income potential is provided by the detached 3-car garage, which can be rented for parking or storage, creating an extra revenue stream. Projected rental income is approximately $4,750 per month, or $57,000 annually. With operating expenses around $6,000 per year, including taxes, National Grid, and water, the property generates an estimated $51,000 net operating income. At a purchase price of $299,999, this equates to an approximate 17% cap rate, making this a high-yield investment opportunity. All mechanical systems are operational, and appliances are in place, allowing for immediate tenant placement and income generation. This property is well-suited for buy-and-hold investors, BRRRR strategy, portfolio expansion, or those seeking strong passive income. Strong cash flow, separate utilities, private entrances, outdoor space, garage income potential, and high cap rate combine to make this a standout opportunity in today's market.
Location
State NY
County 36035
Rooms
Basement Full
Dining Room 0
Kitchen 0
Exterior
Parking Features Detached
Garage Spaces 3.0
Building
Story 2
Sewer Municipal
Water Municipal
Structure Type Frame
NEARBY SCHOOL & BUSINESS