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14
Multi-Family

$750,000

8 West Center Street

New Paltz, NY 12561

Money Maker in New Paltz!

Sought after prime location for student housing in the Village of New Paltz right between campus and Main Street. This property on three levels is 100% occupied, continuing a long history as a popular student rental. This property features two separate units rented annually to SUNY New Paltz students; one is a 3-bedroom 1.5 bath, and the other is a 5-bedroom 2 bath. Garage is also rented. The house sits at the end of a cul-de-sac offering plenty of off-street parking. Students love the generously sized bedrooms, comfortable layout, and spacious common areas. Utilities, which are separated by unit, are currently paid by landlord. Minutes from restaurants and shopping on Main Street. Close to scenic parks and outdoor activities. Very close to the Trailways bus terminal that services commuters from Albany to New York City. This multifamily property is a unique find offering a strong NOI. Can be professionally managed through perch’n. 

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Property Details
Property TypeMulti-Family
Beds8
Baths3.5
Units2
Units Sq Ft1,232 - 1,872
Buildings1
Stories3
Lot Size0.24 Acres
Total Sq Ft3,104
ZoningR3 Residential
Years Built1890
Years Renovated2010, 2014, 2018, 2021
Parking8 Spaces
SBL86.34/7/32
OwnershipLLC/Corp
Current OccupancyRented
(6/1/2021 - 7/27/2022)
Financials
Asking Price $750,000
NOI $60,000
Gross Income $82,920
Cap Rate 8.00%
Price / Sq Ft $242
Price / Unit $375,000
Earnest Money Deposit 10%
Due Diligence Period 15 Days

Investment Highlights

The property has been actively maintained and improved by landlord. The following list is just a sample of some of the improvements.

2021 Renovations:

  • New hot water in 3 bedroom apartment
  • New flooring in 5 bedroom apartment kitchen and bathroom
  • New stove and vent hood in 5 bedroom apartment

2018 Renovations:

  • New tiling in bathroom of 3 bedroom apartment
  • New shower enclosure in 3 bedroom apartment

2014 Renovations:

  • New flooring in 3 bedroom apartment
  • New thermostats installed in 3 bedroom apartment

2010 Renovations:

  • Seperated electric and heat for both apartments

Additional highlights include large Bedrooms, seperate utilities per unit, large front porch, a few blocks from campus (walkable,) one block to bus station, one block away from Main Street.

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