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Property Type: 2 Family
Description: MULTIPLE OFFER SITUATION-HIGHEST & BEST Deadline SAT. 4/1 2:00 PM Midtown Kingston money maker with 3-bay, detached garage. 10% Cap Rate. Currently set up as a 2-family, but there is a vacant, 380 sq. ft., studio-type unit that needs renovation. Perhaps with proper zoning approval this could be a third unit or artist studio/work space. The other two units were totally renovated 12 years ago, with new electric, plumbing, insulation, heating and decks. The first floor has 2 bedrooms plus an extra room for office or dining, was just refreshed and is currently vacant with projected rent of $1600. The upstairs unit is 2 bedrooms, currently rented for $900. Tenants pay their own utilities. The 3-bay, concrete block garage can rent for a total of $600. Property offers a driveway and off street parking. Annual net income and cap rate reflect a 5% vacancy rate. Being Sold "AS IS". Tax Records list as a 3-Family, in 2-Family Zone. Upstairs tenant's lease exires July, 2023. FEATURES: NUMBER OF UNITS: 2
UNIT 1 -RENT: 1600 ZONE: R2 LOT DIMENSIONS: 50x221 UNIT 1 -LEASE: Vacan UNIT 2 -LEASE: Year UNIT 2 -RENT: 900 UNIT 3 -RENT: 600 APPLIANCES: Refrigerator, Range ELECTRICITY: 100 Amps, Other LOT FEATURES: Level LOT/SITE: City WATER: Municipal NEIGHBORHOOD: Midtown |