50 North Chestnut

New Paltz, NY 12561

Sought after prime location for student housing in the Village of New Paltz

2 blocks to Main Street and only 1/2 mile to SUNY New Paltz. This property, consisting of two rental buildings, is 100% occupied, continuing a long history as a popular student rental. The main building features five bedrooms and three full bathrooms. The two bedrooms on the main floor each have their own full bathroom and private entrances, both from the inside and outside of the house. The cottage offers a studio style living experience, featuring a large updated kitchen with island, updated bathroom, living room and bedroom section. The main property is rented annually to SUNY New Paltz students and the cottage to a handyman; rent it to a group or separately to singles. The property has a storage shed and extra-large paved off street parking area to accommodate all tenants and several guests. Students love the generously sized bedrooms, comfortable layout, and tasteful updates. Utilities, which are separated by unit, are currently paid by landlord. Many major improvements including updated boiler, roofs, hot water system, electric, siding, windows, bathrooms, kitchens and coin operated laundry in the basement. Minutes from restaurants and shopping on Main Street. Close to scenic parks and outdoor activities. Close to the Trailways bus terminal that services commuters from Albany to New York City. This property is a unique find offering a strong NOI. Both buildings have certificate of occupancy for residential use.

Cottage 3D Tour here: https://my.matterport.com/show/?m=Bf14U7eWEks

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Property Details
Property TypeMulti-Family
Units Sq Ft1,888 - 644
Lot Size0.27 Acres
Total Sq Ft2,532
Years Built1965
Years Renovated2001-2021
Parking15 Spaces
OwnershipSole proprietor
Current OccupancyRented
(8/1/2021 - 7/27/2022)
Future OccupancyRented
(8/1/2022 - 7/27/2023)
Asking Price $550,000
NOI $37,310
Gross Income $57,060
Cap Rate 6.78%
Price / Bedroom $91,667
Price / Sq Ft $217
Price / Unit $275,000
Earnest Money Deposit 10%
Due Diligence Period 15 Days
Closing Period 30 Days

Investment Highlights

List of major renovations:

  • Roof 
  • Chimney liner & brick work
  • New Steal support beams installed
  • New boiler and hot water heater. 
  • Basement drainage systems installed
  • Installed 2 new bathrooms and renovated the third
  • New kitchen. 
  • Added laundry room and coin op machines.
  • Major sound proofing and insulation. 
  • Floored attic.
  • Installed new windows
  • Installed new wrap around porch
  • Paved entire parking lot.  
  • Completely rebuilt rear cottage. 
  • Upgraded electric system with 200 amp service and new wiring.




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