Pine Tree Gardens | 17 Gina Marie Ave
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Pine Tree Gardens 17 Gina Marie Ave
56 Unit Block of Flats £5,868,375 (£104,792/Unit) 7.92% Net Initial Yield Cairo, NY 12413
Investment Highlights
- 56-Unit Multifamily Complex | Largest Multifamily Asset In The Area
- Significantly Below-Market Rents | Approximately 30% Upside With Minimum Capex
- On 10 Acre Parcel With Potential For Future Development
- Strong Rental Demand | County Currently Around 96% Occupancy Rate
- Not Subject To Rent Stabilization
- In Proximity To Hunter Mountain, Catskill, Kingston, Downtown Hudson, Windham Mountain & I-87
Executive Summary
*PRINCIPALS ONLY*
"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 room. 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.
"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 room. 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.
Property Facts
Price | £5,868,375 | Apartment Style | Garden |
Price Per Unit | £104,792 | Building Class | B |
Sale Type | Investment | Lot Size | 5.21 AC |
Net Initial Yield | 7.92% | Building Size | 56,000 SF |
No. Units | 56 | Number of Floors | 2 |
Property Type | Residential | Year Built | 1985 |
Property Subtype | Apartment |
Price | £5,868,375 |
Price Per Unit | £104,792 |
Sale Type | Investment |
Net Initial Yield | 7.92% |
No. Units | 56 |
Property Type | Residential |
Property Subtype | Apartment |
Apartment Style | Garden |
Building Class | B |
Lot Size | 5.21 AC |
Building Size | 56,000 SF |
Number of Floors | 2 |
Year Built | 1985 |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
Description | No. Units | Avg. Rent.Mo | SF |
---|---|---|---|
Studios | 2 | - | - |
1+1 | 21 | - | - |
2+1 | 33 | - | - |
PROPERTY TAXES
Parcel Number | 192400-083-000-0006-028-000-0000 | Improvements Assessment | £485,432 |
Land Assessment | £117,055 | Total Assessment | £602,487 |
PROPERTY TAXES
Parcel Number
192400-083-000-0006-028-000-0000
Land Assessment
£117,055
Improvements Assessment
£485,432
Total Assessment
£602,487
zoning
Zoning Code | 01 - NOT Z |
01 - NOT Z |
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Pine Tree Gardens | 17 Gina Marie Ave
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