This is a portfolio consisting out of 12 buildings (2,3 and 4 families) that are all brick, row houses built around 1890-1900 with a total of 33 apartments. 11 of the 12 buildings are on Benkard Avenue and one is 2 blocks away. Great location concentration from a property management perspective.Each building is in good condition and renovated. All apartments are occupied an each apartment has separate utilities with individual electric meter and gas meter. All tenants pay their own electric, gas and cable.This makes a great investment at a 15% CAP rate plus the upside potential of of the upcoming area,Gross Operating Income is $384,300 with expenses (taxes, water, sewer, garbage and insurance) is $90,252 giving you a Net Operating Income of $294,048 a year.Located 60 miles north of Manhattan on the East bank of the Hudson River lies Newburgh City. Newburgh is not just any city for those looking to invest time and money. It is a gem! It has the largest historic district in the state. It has beautifully designed planned neighborhoods like Washington Heights and Colonial Terraces. It has a great scenic park in Downing and a great recreational park in Delano Hitch.With a growing arts community to feed the imagination and a remarkably rich collective of civic improvement organizations in which citizen volunteers keep the city moving ahead.Neighborhood associations have formed in recent years, and block parties are popular. Habitat for Humanity and their partner families have rebuilt 18 houses, with five more every year. The local hospital and community college have announced expansion plans, and new businesses are starting to relocate here. It seems this small city has turned a corner.In 1999, Newburgh's waterfront consisted largely of broken slabs of concrete with grass growing between them. Today, the waterfront is a bustling destination, featuring several restaurants and other businesses, drawing thousands of customers every weekend.Straight across the Newburgh-Beacon Bridge lies the town of Beacon which has gone through a major gentrification over the last few years. Walk through Main Street and you will see tons of restaurants, art galleries, real estate offices and renovated buildings. As a result, property prices and rents have risen substantially in Beacon.Newburgh feels like old Brooklyn, before its gentrification. Don t miss out on this opportunity!
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Beds
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Baths
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