Marcus & Millichap is pleased to exclusively offer 277 Grand Street, a value-add multifamily property located near the waterfront and Liberty Street in revitalizing Newburgh, New York. The 5,250-square-foot property is a 6-unit, 100% free market asset featuring a diverse mix of studio, two-, and three-bedroom apartments. This investment presents a clear value-add opportunity, currently operating at a 7.7% caprate with projected upside to an 8.8% pro forma rate upon stabilization. VALUE-ADD UPSIDE Offered at $1.15M, the asset yields a 7.7% cap rate on $88,701 current NOI. Investors can realize a value-add path to an 8.8% pro forma cap rate and a 13.42% cash-on-cash return by achieving $101,235 in stabilized NOI. 100% FREE MARKET All 6 units are 100% free market. This allows an investor to capture full market upside without any regulatory complexity. LOCATION AND GROWTH Steps from the Newburgh Waterfront, the property benefits from a $10M state revitalization grant. This capital upgrade to the Liberty Street corridor's infrastructure is driving future growth and increasing local tenant demand. STRONG DEMAND DRIVERS Located 1.2 miles from the 243-bed Montefiore Hospital and 0.8 miles from Mount Saint Mary College (2,500+ students). A 15-minute drive to the Beacon Metro-North provides a 75-minute commute to NYC. DESIRABLE UNIT MIX & SIZE The property features 6 residential units, including 2 studios, 1 two-bedroom, and 3 three-bedroom apartments. With three-bedroom units comprising 50% of the building, the asset perfectly caters to local families. In Newburgh, 38% of rental homes include children, driving sustained demand for these multi-bedroom layouts.