21 Main St Kingston, NY 12401

Property Details for 21 Main St

Year built

1900

Property size

3,922 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a meticulously renovated 10-unit apartment building situated in the vibrant heart of uptown Kingston, New York. Located at 21 Main Street, this property boasts a prime location within walking distance of the Historic Stockade District, offering residents easy access to a diverse array of shops, restaurants, entertainment venues, and the convenient Trailways Bus Station. The building comprises two structures, a three-story main building and a smaller secondary building. The main building features a mix of unit sizes, including three one-bedroom units, five studio apartments, and two first-floor units. The secondary building currently houses two additional units, offering potential for further expansion and increased revenue. Extensive renovations completed in 2017 include updated kitchens and bathrooms, a new boiler, and a new hot water heater. The property offers ample off-street parking for residents. With a total square footage of 3,922, the asking price is $1,950,000, representing a price per unit of $195,000 and a price per square foot of $497.20. The property's strong financial performance is reflected in its pro-forma NOI of $206,208 and a pro-forma cap rate of 10.57%. Built in 1900 and zoned T5N, this property is not subject to the Emergency Tenant Protection Act (ETPA), according to the Director of the Office of Housing Initiatives. This presents a compelling investment opportunity with significant potential for future growth and strong returns.