632 2Nd Ave Troy, NY 12182

Property Details for 632 2Nd Ave

Year built

1970

Lot size

0.21 lot acres

Property size

15,034 SF

Property type

Apartment buildings

Description

This exceptional Class A multifamily investment opportunity presents a 19-unit apartment building located at 632-634 2nd Avenue in Troy, NY, zip code 12182. The property, built in 1970 and extensively renovated in 2023, comprises two three-story buildings situated on a 0.21-acre lot. With a total of 15,034 square feet, the property boasts a current occupancy rate of 80%, leaving only two units vacant. The asking price is $2,885,129, translating to $191.91 per square foot and $151,848.89 per unit. The property features a diverse mix of studio, one-bedroom, and two-bedroom apartments, catering to a wide range of tenants. Its prime location offers easy access to Troy's downtown area, enhancing its appeal and rental potential. The property benefits from ample off-street parking. The building is zoned B2, Community Commercial. The current cap rate stands at 6.75%. Recent renovations include updated kitchens and bathrooms, ensuring modern amenities for tenants. The owner will deliver the property at 100% occupancy. This presents a strong investment opportunity with potential for rental upside due to current rental rates being below market average. The property's low maintenance requirements and high occupancy rate contribute to its attractive investment profile. This is a rare opportunity to acquire a well-maintained, income-generating asset in a desirable location.