24 Beds
16 Baths
10,880 SqFt
24 Beds
16 Baths
10,880 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 10,880 sqft
Price per Sqft $201
MLS Listing ID 20265589
Style Other
Bedrooms 24
Year Built 1970
Annual Tax Amount $28,568
Tax Year 28568
Lot Size 2.100 Acres
Acres 2.1
Property Sub-Type Multi Family
Source Hudson Valley Catskills Region Multiple List Service (Ulster County Board of REALTORS®)
Property Description
Current ownership has invested extensively in the asset over the past five years, completing a comprehensive capital improvement program that has substantially reduced deferred maintenance and laid the foundation for future income growth. Major upgrades include a reconstructed water system, electrical improvements, new roofing, parking and drainage enhancements, professional landscaping, exterior repairs, and a renovated on-site laundry facility. Other improvements include a brand new septic system designed by engineering firm Kaaterskill Associates.
Numerous apartment interiors have also been modernized with updated flooring, kitchens, bathrooms, appliances, fixtures, water heaters, and other unit-specific improvements, positioning the property to compete more effectively within the local rental market.
The property's most compelling feature is its substantial value-add potential. Several units remain leased below projected market rents, creating a clear path to increased cash flow through strategic rent optimization. The property is projected to achieve an approximate 9 cap rate upon stabilization at market rents. Additional revenue is generated through the on-site laundry facility, further enhancing investment returns.
The 6-unit building currently operates with landlord-paid utilities, while the 10-unit building benefits from tenant-paid electric and electric heat, offering a favorable utility structure and opportunities for continued operational efficiencies.
Qualified buyers will have access to a complete due diligence package, including rent rolls, operating statements, projected market rents, and a detailed capital improvement history.
Offering immediate scale, extensive completed capital improvements, and meaningful income growth potential, this is an exceptional opportunity to acquire a turnkey multifamily asset in one of the Catskills' most sought-after destinations.
Location
State NY
County Greene
Area Cairo
Zoning 411- APT
Rooms
Basement Full
Interior
Heating Electric, Propane
Flooring Vinyl
Laundry Common Area, Lower Level
Exterior
Exterior Feature Balcony
Pool None
Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Connected
View Rural
Roof Type Asphalt,Shingle
Porch Deck, Porch
Building
Lot Description Back Yard
Story 2
Foundation Block, Concrete Perimeter
Sewer Septic Tank
Water Well
Architectural Style Other
Level or Stories Two
Schools
High Schools Cairo-Durham Central School District
School District Cairo-Durham Central School District
Others
Tax ID 100.19-1-18.2
NEARBY SCHOOL & BUSINESS
