High Cap Rate - Victor Mendolia Real Estate

$525,000

Just Reduced – $480,000

21-23 Fairview Avenue, Hudson NY 12534

4 Unit Apartment House

The building could use a freshening up. But these four identical units have tons of original details and built-ins. The bones are all here. These apartments are currently renting for $1200 each. But with some minimal upgrades, they could be bringing in substantially more. As they are, the building is doing an 8.07% cap rate. With updated kitchens and baths add in a dishwasher and washer & dryer to each unit and they could conservatively bring in $1600-$1800 each.

See the full listing here

SOLD – $355,000

Located on a quiet street, only two blocks from the historic center, the creek, cinema, antique stores, coffee shops, nightlife and restaurants. The Lumberyard, the new dance and performance venue is short walk from home. Five minutes to Catskill point overlooking the Hudson River. Short drive to ski resorts, lakes, waterfalls and more.

The property features 3 renovated apartments and a stunning bonus on the top floor: a large open studio, overlooking the gorgeous Catskill Mountain sunsets.

Brand new roof and gutters, new furnace, with new kitchens and bathrooms. You literally do not have to do a thing.
Beautiful backyard perennial garden with fruit trees.

Upgrades

• New Roof (2018)
• New Gutters (2018)
• New Furnace (2017)
• New stairs (2017)
• 5 bedrooms (2 in the main apartment)
• 4 kitchens
• 4 full bathrooms
• Attached garage
• Double Pane storm windows
• Finished large basement with washer dryer + extra freezer and fridge
• Nice size backyard with bbq cabana and large tool shed
• Solar panels (which power forced hot air heat – lower heating bill!)
• Steam Shower, radio-mp3, multi-jets, rain shower, jacuzzi…
• New hardwood and tile floors.
• Gas fireplace

In the black from day one.

Long rental occupancy history. Rent all four units or live in the main apartment and rent the units above. Even if you occupy the main unit, the property will pay for utilities, insurance, taxes AND put money in your pocket every month.

The property owners are only selling because they are moving abroad to Mexico and don’t want to manage a property long distance. You must see the property to understand it’s beauty and value. Make an appointment now.