We just reduced the price to $319,500 on this totally renovated in 2013 & 2014 this 5 unit building offers a total of 15 bedrooms and finishes that you would expect to see in luxury condos. If requested by the new owners, our company will continue to entirely manage the property for a fee of $250/month. The property produces a steady income each month. At a reduced price of $319,500 and using 2015 and 2016 Actual financial results it is offered at a 13% Cap Rate and 5.9 times the Rent Roll. Properties of similar quality are offered at an 8% Cap Rate and 7 times the Rent Roll. Ancillary rent is generated from parking and storage sheds. Three units were gut renovated. The remaining two units underwent moderate renovations. Significant renovations to the exterior and infrastructure were made as well. We built in the ability to convert 2 apartments into more bedrooms offering 17 in total. This allows the new owners more flexibility to accommodate tenants and keep occupancy high. These renovations alone cost us $150k. The property is located in the center of Cobleskill yet only minutes to Interstate 88 and 9/10th of a mile to the SUNY Cobleskill Campus. Therefore it appeals to a variety of tenant types including commuters to Albany, local families, and SUNY Cobleskill faculty and students. Because of this wide appeal, and the apartments’ size, vacancies are miniscule. The property's maintenance man lives on site and can be retained for regular maintenance, viewings, and emergencies. This relieves the new owners from nuisances that other real estate investors must contend with. However, if requested by the new owners, our company will continue to entirely manage the property for a fee of $250/month. The new owners will spend essentially none of their time with property management as we will handle ALL responsibilities including screening tenants, collections, maintenance and emergency repairs, advertising, and filling vacancies, etc. Given our experience managing properties coupled with our knowledge of the renovations and work that has been done to the property, this will alleviate all day to day responsibilities that other real estate owners must contend with. You are likely aware that this offer is not made available elsewhere. This is a MUST sell situation. Therefore no reasonable offer will be ignored.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
