Solid 7 unit apartment building with detached 1 bedroom cottage located in the convenient wawarsing town, close to route 209, ellenville and major shopping. This second generation owned property is well managed with a very low vacancy, most tenants are long term with well maintained apartments. There are (5) one bedroom units and (2) two bedroom, two story units and a 1 bedroom detached cottage. The apartment building has a large storage area/utility room that has a washer and dryer hookup. An oil boiler does heating and hot water and the owner also has a outdoor coal burning furnace if a buyer would like to keep the heating costs very low. Owner pays for all utilities, each unit has its own heating thermostat. At asking price the property has a 9. 03% cap rate including all expenses, 5% repair and maintenance and a 5% vacancy rate. Motivated seller!! Full income and expense sheet is available. Land is on both sides of the street and property fronts the rondout creek, tenants can enjoy plenty of off street parking, yard space and fishing and boating on the creek.
The vacancy rate of homes in 12586 is
6.88% with 67.67% of homes being owner-occupied. The median household income in 12586 is $67021 per year with those between 45 and 64 having the highest median income at $82228.