10-Unit Multifamily | 37-40 Lawrence St. Multi-Family FOR SALE


Glens Falls, NY | 
$825,000 USD
518-307-7824
, Glens Falls, NY for Sale
$825,000 USD
Multi-Family - FOR SALE
1/9
null | 8.41% Cap Rate

10-Unit Multifamily | 37-40 Lawrence St.
Glens Falls, NY


HIGHLIGHTS

  • 10 units across four addresses and two parcels
  • 100% occupied; $143,700 in current scheduled rent
  • 3 two-bedroom and 7 one-bedroom units, all one bath, public water and sewer
  • 3D Matterport tours of nine units; OM with rent roll available
  • Walkable Downtown Glens Falls Location

OVERVIEW

37-40 Lawrence Street is a ten-unit multifamily portfolio in the City of Glens Falls, offered as a single transaction. The property consists of four addresses — 37, 38, 39 and 40 Lawrence Street — on two adjoining tax parcels totaling approximately 0.42 acres at the corner of Lawrence and Cherry Streets, about half a mile from downtown Glens Falls. The unit mix is three two-bedroom and seven one-bedroom apartments, each with one bathroom, across two-story buildings constructed in 1950 and 1980. All ten units are leased. The buildings are served by public water and sewer, with natural gas heat through a combination of forced warm air and hot water baseboard systems, plus some electric baseboard. The 0.34-acre corner parcel at 38-40 Lawrence includes a garage building that provides storage today and additional upside for a buyer down the road. Zoning is GC1, General Commercial 1. Glens Falls is the commercial and healthcare center of the southern Adirondack region, anchored by Glens Falls Hospital and a downtown that has seen steady reinvestment. The Adirondack Northway (I-87) connects the city to Lake George, Saratoga Springs and the Capital Region. Steady employment in healthcare, manufacturing and tourism, combined with limited new rental construction, continues to support demand for well-priced one- and two-bedroom apartments. The property is owned by Glens Falls Area Habitat for Humanity and is currently tax-exempt. A taxable buyer will lose that exemption, and the offering memorandum underwrites full city, county and school taxes at a reassessment to the list price so the numbers reflect what a buyer will actually carry. 3D virtual tours are available for nine of the ten units. The offering memorandum, including the rent roll, operating detail, municipal records and GIS aerials, is available to qualified buyers on request. The property is offered as-is. Showings are by appointment only; please do not contact tenants or visit units without an appointment.

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Nic KetterRealize BrokersMore Info
518-307-7824

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Nic KetterRealize BrokersMore Info
518-307-7824

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