172 Downs St Kingston, NY

Description:

Built in 1915, the current owners have made significant updates to the building, including a new roof, new TimberTech front porch, bathroom renovation in the downstairs unit, and new carpet in the upstairs unit. Each unit is 780 square feet, with two bedrooms and one bathroom. The spacious backyard is ripe for landscaping to add value to the property. Apartment 1 rents at $1, 380 monthly, and Apartment 2 rents at $1490 monthly, for a total monthly rent of $2, 870, $34, 400 annually. With low expenses, as tenants pay their own utilities, this is an estimated 8% cap rate at the asking price of $330, 000. Midtown continues to grow, with new businesses lining Broadway and the surrounding streets. Rental units are in high demand, and while these tenants are in good standing, market rate rents could improve the property's cash flow and cap rate significantly. Both units are occupied, proof of funds required for showing. Advance notice required. Showing times: Sundays 12-4pm