808-818 State Rt 17B Monticello, NY 12701

Property Details for 808-818 State Rt 17B

Year built

1951

Lot size

3.46 lot acres

Property size

8,195 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a portfolio of four buildings totaling 13 units situated on a substantial 3.46-acre lot in desirable Monticello, NY. The property, encompassing addresses 808, 812, 818, and 820 State Route 17B, boasts a current NOI of $132,192 and a pro-forma NOI of $150,061, translating to a compelling 7.78% cap rate and a pro-forma cap rate of 8.83%. The buildings, constructed in 1951 and extensively renovated in 2023, feature a mix of unit sizes, including studios, one-bedroom, two-bedroom, and even a three-bedroom ranch-style home and a one-bedroom cottage with a loft. Currently, 85% occupancy generates consistent income, further enhanced by a shared laundry facility. The property's spacious lot offers significant potential for future expansion, including the addition of more units and the separation of utilities to increase profitability. A recent appraisal valued the property at $1.8 million, underscoring its strong investment potential. This is a rare opportunity to acquire a well-maintained, income-producing multifamily property with substantial upside in a prime location. The asking price is $1,700,000. The property includes 13 units across four buildings, offering a diverse range of unit sizes and layouts. This presents a unique opportunity for investors seeking a strong return on investment in a thriving market.