This Newburgh City Multifamily Portfolio consists out of 13 buildings which are all brick, row houses built around 1900. Eleven out of the thirteen buildings are on the same street and the other two, just a few blocks away, making this portfolio efficient to manage. Each apartment has separate utilities with individual electric meters, gas meters and boilers. The tenants pay their own electric, heat (natural gas) and cable. This is an opportunity to purchase a collection of tenant occupied buildings in one transaction, giving the buyer clear scalability and management advantages. The current cash flow in place, plus equity appreciation upside in the city of Newburgh, will draw in an investor who is looking for significant higher CAP rates than elsewhere in the greater NYC area, including the Hudson Valley. 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. Dont miss out on this opportunity! KW88698
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Multi family portfolio — 13 buildings — 30 apartments
90 bedrooms 40 separate bathrooms
- Total rooms: 162