Sold

420 Crescent Avenue, Highland, NY 12528

Beds
24
Baths
23
Sqft
15,000

View property features, location on map, relevant school information and overview from seller's agent.

Listed byNew Paltz Properties
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Overview

Opportunity to acquire a large, well-located multi-family compound with tremendous upside potential. Originally built as a summer bungalow resort, the property features 32 acres of beautiful grounds with 9 individual buildings housing 22 residential units. These buildings include a 3BR single-family home (occupied by the current owners), a motel-like building with 6 studio apartments, a row building with 3 one-bedroom apartments, a two story building with 4 studio apartments, the original main house with 4 one-bedroom apartments, and 4 stand-alone one-bedroom cottages. There is one additional building that houses an on-site coin-operated laundry facility for the tenants. The grounds include mature shade trees, open lawns, wooded areas with stone walls and wild turkeys, and a large pond along the main entrance drive that was recently paved. All but three of the units are currently occupied, and rents are significantly below market rate, presenting an opportunity for major revenue growth. Further upside can potentially be unlocked by developing additional units on site - zoning density calculations suggest the ability to building another 12 units on the property. Full financials available upon request.

Location

Full feature list

Basic info

Property type
Multi-family
Number of stories
3
Number of bedrooms
24
Number of bathrooms
23
Square feet
15,000
Lot size (acres)
31.90
Year built
1972

Taxes

Tax Annual Amount
$41,289

Public schools

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Sourced from: Hudson Valley Catskills/Ulster County MLS MLS®#: 20251673 Last checked:

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