420 Crescent Ave - Multi-Family FOR SALE


Highland, NY 12528
$1,695,000 USD
845-417-8300
420 Crescent Ave, Highland, NY for Sale
$1,695,000 USD
Multi-Family - FOR SALE
1/32
null | Request Cap Rate

420 Crescent Ave
Highland, NY 12528


HIGHLIGHTS

  • 32-acre multi-family property with 9 buildings housing 22 residential units
  • Beautiful grounds with mature shade trees, open lawns, wooded areas, and a pond
  • Significantly under-market rents present strong revenue growth potential
  • Zoning density calculations suggest an ability to build 12 additional apartments on site

OVERVIEW

Opportunity to acquire a large, well-located multi-family compound with tremendous upside potential. Originally built as a summer bungalow resort, the property features 32 acres of beautiful grounds with 9 individual buildings housing 22 residential units. These buildings include a 3BR single-family home (occupied by the current owners), a motel-like building with 6 studio apartments, a row building with 3 one-bedroom apartments, a two story building with 4 studio apartments, the original main house with 4 one-bedroom apartments, and 4 stand-alone one-bedroom cottages. There is one additional building that houses an on-site coin-operated laundry facility for the tenants. The grounds include mature shade trees, open lawns, wooded areas with stone walls and wild turkeys, and a large pond along the main entrance drive that was recently paved. All but three of the units are currently occupied, and rents are significantly below market rate, presenting an opportunity for major revenue growth. Further upside can potentially be unlocked by developing additional units on site - zoning density calculations suggest the ability to building another 12 units on the property. Full financials available upon request.

FOR SALE DETAILS

PRICE

$1,695,000 USD

PRICE/SF

$113 USD /SF

# OF UNITS

22

PRICE/UNIT

$77,045

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Elliswood

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1972

PARKING SPACES

-

LAND DETAILS

LAND ACRES

31.9 AC

LAND SF

1,389,564 SF

ZONING

AG 1.5

APN/PARCEL ID

95.1-2-12

ASK ABOUT THIS PROPERTY

Matt EylerNew Paltz PropertiesMore Info
845-417-8300

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Matt EylerNew Paltz PropertiesMore Info
845-417-8300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.