KINGSTON,CITY NY - ID: 20184287
On the Market
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  • Price: $875,000
  • Garage: 1 Garage Detached
  • Acreage: 0.29
  • Year Built: 1915
  • School District: KINGSTONCONSOLD
  • CONTACT
    Grist Mill Real Estate
    (800) 664-5503
    gristmill@gristmillrealestate.com
Property Type: Multi-Unit

Description: Uptown Kingston 17 unit apartment complex consisting of a main building with 14 apartments then a detached carriage house with 3 apartments and a 1 car garage. Owner pays for all utilities in both buildings, main building has a natural gas boiler and gas hot water, carriage house has a forced air natural gas furnace and a gas hot water heater. All units are in good condition with all hard wood flooring, some exposed and some under carpeting and other flooring. Building is in very good structural and mechanical condition , units could be updated to extremely increase the rental income, most tenants are very long standing, some have resided for over 20 years. Rents are well below market rate, Cap rate at asking price is 8.15%, at current market rents (under current condition) cap rate would be +/- 11.01% including all expenses, maintenance and a 3% vacancy.

FEATURES:
NUMBER OF UNITS: 17
ZONE: 0-2
LOT DIMENSIONS: Irregular
CONDITION: Very Good, Good
APPLIANCES: Range, Refrigerator
ELECTRICITY: 200 Amps
LOT FEATURES: Additional Land Available, Landscaped
LOT/SITE: City
WATER: Municipal
KITCHEN DESCRIPTION: Cabinets Wood

Listing courtesy of: Win Morrison Realty / Listing Agent: Gregory Berardi
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