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$ 2,195,000
Est. payment /mo
New
764-766 Mountain AVE Cairo, NY 12413
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1053389
Rental Info No
Year Built 1970
Annual Tax Amount $28,568
Property Sub-Type Multi Family
Source onekey2
Property Description
Situated in the highly desirable hamlet of Round Top within the Town of Cairo, this 16-unit multifamily property presents a rare opportunity to acquire a well-positioned asset with significant upside potential. The property consists of two residential buildings offering a diverse mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential. Current ownership has invested extensively in the asset over the past five years, completing a comprehensive capital improvement program that has substantially reduced deferred maintenance and laid the foundation for future income growth. Major upgrades include a reconstructed water system, electrical improvements, new roofing, parking and drainage enhancements, professional landscaping, exterior repairs, and a renovated on-site laundry facility. Other improvements include a brand new septic system designed by engineering firm Kaaterskill Associates. Numerous apartment interiors have also been modernized with updated flooring, kitchens, bathrooms, appliances, fixtures, water heaters, and other unit-specific improvements, positioning the property to compete more effectively within the local rental market. The property's most compelling feature is its substantial value-add potential. Several units remain leased below projected market rents, creating a clear path to increased cash flow through strategic rent optimization. The property is projected to achieve an approximate 9 cap rate upon stabilization at market rents. Additional revenue is generated through the on-site laundry facility, further enhancing investment returns. The 6-unit building currently operates with landlord-paid utilities, while the 10-unit building benefits from tenant-paid electric and electric heat, offering a favorable utility structure and opportunities for continued operational efficiencies. Qualified buyers will have access to a complete due diligence package, including rent rolls, operating statements, projected market rents, and a detailed capital improvement history. Offering immediate scale, extensive completed capital improvements, and meaningful income growth potential, this is an exceptional opportunity to acquire a turnkey multifamily asset in one of the Catskills' most sought-after destinations.
Location
State NY
County Greene County
Rooms
Basement Full
Interior
Heating Electric, Propane
Cooling None
Fireplace No
Exterior
Parking Features Driveway
Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Connected
Building
Sewer Septic Tank
Water Well
Structure Type Frame,Vinyl Siding
Schools
Elementary Schools Cairo-Durham Elementary School
Middle Schools Cairo-Durham Middle School
High Schools Cairo-Durham
School District Cairo-Durham
Others
Special Listing Condition None
Listed by Century 21 New West Properties • Natasha A. Witka