11 units | Multi Family Home 6 acres - MLS# 20191860
Sold for $875,000
on Jul 2, 2019
Enjoy a 9.8 % return on your investment with 11 rental apartments in 3 buildings with a total of 8,420 s ft in the village of Stone Ridge. One building was built in 1875, the other two in 1940 and 1950. The apartments are one to three bedrooms, about half are two floor units with rents ranging from $725 and $1,200. Situated on 6 acres with front and back yard and parking lots in the rear, with new blacktop driveway. All separate electric meters and dedicated boilers for each unit. Since 2015, 8 out of 11 boilers and hot water heaters were replaced, 6 units feature updated baths, kitchen and replaced flooring. Two units with washer/dryer hookups. Tenants are responsible for their propane (# 8 with oil boiler) and electric, with exception of the two smallest apartments (# 6 and 7) where rents include utilities. Great opportunity to benefit from a high demand rental market in Stone Ridge, 20 minutes from Kingston and New Paltz. Tenants enjoy being on the UCAT bus route and the ability to walk to SUNY Ulster, shopping and restaurants.