2 Carson Ave Newburgh, NY 12550

Property Details for 2 Carson Ave

Lot size

0.06 lot acres

Property size

1,788 SF

Property type

Commercial real estate

APN

331100-046-000-0006-006.000-0000

Description

This three-unit apartment building presents a compelling value-add investment opportunity in Newburgh, NY's desirable Washington Heights neighborhood. Situated on a corner lot (0.057 acres) and boasting classic Victorian architecture, the property offers three parking spaces. The building, a partially renovated 1940s structure, features three distinct units: a three-bedroom, one-bathroom unit with a bonus room on the third floor; a two-bedroom, one-bathroom unit on the second floor; and a one-bedroom, one-bathroom unit on the first floor. Extensive renovations have already been completed, encompassing new underground plumbing, a recoated roof with new flashing, skim-coated and painted walls and ceilings, and the restoration of original architectural details such as double entry doors, staircases, and floors. The property includes new main entry stairs. Remaining work includes completing the ground floor (pouring the slab, installing walls, kitchen, bath, and electrical), and finishing the second and third floors (installing kitchens, bathrooms, and a new riser). Included in the sale are plumbing and bath fixtures (excluding two toilets), most of the necessary PVC pipe, a custom eight-foot glass and wood exterior door, and various other building materials. The projected annual net operating income is $78,600, based on a pro forma of $6,550 monthly rent after completion, yielding an 8.3% capitalization rate. The property's location is exceptional, just half a block from "The Bluff" with partial river views, one block from the Liberty Street corridor with new shops and restaurants, and two blocks from the planned PS6 Center for Film & TV. Its proximity to the Hudson River waterfront and easy access to I-84 and I-87 make it highly attractive. The asking price is $435,000, with a price per unit of $145,000 and a price per square foot of $243.29. The property is currently vacant. The permitted zoning is RL. This is a rare chance to acquire a partially renovated multi-family property in a rapidly developing area with significant upside potential.