Pine Tree Gardens 17 Gina Marie Ave Immeuble residentiel 56 lots 5 962 060 € (106 465 €/Lot) Taux de capitalisation 8,66 % Cairo, NY 12413

"Pine Tree North" is a 56-unit, exceptionally maintained multi-family community in one of the strongest submarkets in the Hudson Valley. This is a rare opportunity to acquire a multi-family property greater than 50 units in the heavily supply-constrained Hudson Valley region. The current tenancy profile is a strong mix of blue-collar workers and professionals including government and healthcare workers. This presents an excellent opportunity for investors to acquire a property with a stable and long-term tenant base. Many of the tenants have been residing in the property for some years leaving the average in-place rent at $1,300, about 25-30% below market rate. This property is not subject to nor are there any existing rent stabilization laws within the municipality. There are 14 two-story buildings with four units in each building. Each building has it's own laundry rooms. There is ample on-site parking, grilling areas, play and picnic areas, and nature trails. Also, the excess land allows for future development of more apartments and/or storage units. The property runs on a new, state of the art well and septic mechanical system and has an on-site water filtration facility. The heating source is electric for which some of the tenants are individually metered and pay for their own. There has been approximately $500,000 of capex infused into the property over the last 24 months, including renovations of 30 apartments and mechanical and plumbing upgrades. There is no existing deferred maintenance. With excess land and the parcels totaling ~10 acres, there is opportunity for additional development. The property is 20 minutes to Hudson, 30 minutes to Hunter Mountain, 40 minutes to Albany, and 2 hours to
NYC, making it an ideal location for commuters.