Property Type: Multi-Unit
Description: Cap rate at asking price is 9.63%. Loan is assumable at 4%. Uptown Kingston 17 unit apartment complex consisting of a main building with 14 apartments, then a detached carriage house with 3 apartments and a 1 car garage. Owner pays for all utilities in both buildings, main building has a natural gas boiler and gas hot water, carriage house has a forced air natural gas furnace and a gas hot water heater. Almost all units have been renovated/updated in the last few years, all hard wood flooring, some exposed and some under carpeting/other flooring. Building overall has undergone many improvements in the last few years from interior to exterior renovations. Location is very very desirable, walk to Uptown Kingston shops, restaurants, business and more. All tenants are very well qualified and up to date on the rent, Cap rate at asking price is 9.63%. Buyers agent to confirm expenses.
Turn Key building, all buyers mush show proof of funds or proof of bank financing prior to showing. First showing will be only a few units and exterior. Owner has about a $1.1M assumable loan at 4% interest, 25 year amortization fixed till 6/1/27. Current lender will offer a second mortgage on the purchasing difference with proper down payment ratios.
NUMBER OF UNITS: 17
ZONE: Com 1
LOT DIMENSIONS: 70x185
APPLIANCES: Refrigerator, Range
ELECTRICITY: 200 Amps
LOT FEATURES: Level, Landscaped
KITCHEN DESCRIPTION: Cabinets Wood
ELEMENTARY SCHOOL: G.Washington K-4