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Listed by: Century 21 New West

$2,195,000

Est. payment - /mo

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16 Baths

10,880 SqFt

Active

764-766 Mountain AVE Purling, NY 12470

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Key Details

Property Type Commercial

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 10,880 sqft

Price per Sqft $201

MLS Listing ID 20265739

Year Built 1970

Annual Tax Amount $28,568

Tax Year 28568

Lot Size 2.100 Acres

Acres 2.1

Property Sub-Type Other

Source Hudson Valley Catskills Region Multiple List Service (Ulster County Board of REALTORS®)

Property Description

Situated in the highly desirable hamlet of Round Top within the Town of Cairo, this 16-unit multifamily property presents a rare opportunity to acquire a well-positioned asset with significant upside potential. The property consists of two residential buildings offering a diverse mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential. 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

Interior

Heating Electric, Propane

Flooring Vinyl

Exterior

Exterior Feature Balcony

Utilities Available Cable Available, Electricity Connected, Sewer Connected

Roof Type Asphalt,Shingle

Building

Foundation Block, Concrete Perimeter

Sewer Septic Tank

Water Well

Others

Tax ID 100.19-1-18.2

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