Property Description

INVESTOR ALERT! This fantastic property is a great money maker, with a 9+ Cap Rate! Eight fully rented units in four buildings on a one-acre village lot with approximately 122,500 thousand in annual gross income. Village-approved plans and permits are already in place to convert the garage into two two-bedroom apartments along with County-approved septic plans. Additional septic plans allow for the possible conversion of the unfinished basement into another 2-bedroom apartment pending town approval. Recent improvements include new siding on all buildings, new or recoated roofs, and four new electric services. 6 of the 8 units have been renovated; kitchens, baths, appliances, lighting, water heaters, vinyl plank flooring, and freshly painted. The property includes two up-and-down duplexes and two side-by-side duplexes. The lot extends from Chatham Street to Johns Street, with the Rail Trail near the rear entrance and village shops and restaurants close by. Buyers should verify income, expenses, approvals, and expansion potential. 10 minutes to East Greenbush. 20 minutes to Rensselaer and downtown Albany.

Property Features

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