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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.

Property Facts

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

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
  • Listing ID: 34078303

  • Date on Market: 04/12/2024

  • Last Updated:

  • Address: 17 Gina Marie Ave, Cairo, NY 12413

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