1 Church St Philmont, NY 12565

Property Details for 1 Church St

Year built

1910

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of ten buildings comprising 36 residential units located in Philmont and Hudson, New York, within Columbia County. The properties, situated at various addresses, primarily on Church and Elm Streets in Philmont and a few in Hudson, NY, offer a compelling mix of renovated and value-add potential. Built between 1910 and 1930, these properties have undergone significant renovations between 2022 and 2024, with several units boasting updated heating systems and modern amenities. The portfolio generates a substantial projected net operating income (NOI) of $433,681, translating to an attractive pro-forma cap rate of 8.76%. The asking price is $4,950,000, representing a price per unit of $137,500. The unit mix includes one to three-bedroom apartments and duplexes. An assumable mortgage is available, providing a streamlined acquisition process. Several properties, including 7 Church Street, are eligible for significant historical preservation tax credits from both the New York State and the IRS, further enhancing the investment's appeal. The portfolio is currently managed efficiently using property management software, with a reliable team of contractors already in place. This presents a rare opportunity to acquire a well-positioned, income-producing multifamily portfolio in a growing market with substantial upside potential. The portfolio is being offered as a whole, but individual sales may be considered.

Location Insight

City

Philmont

County

Columbia

State

New York

Longitude

-73.6506

Latitude

42.2492