53 Carpenter Avenue

Description

Excellent investment opportunity at 53 Carpenter Avenue in the City of Newburgh! Offered at $669,996, this early 1900s six-family property offers approximately 4,276 square feet and consists of five one-bedroom apartments and one studio apartment. The property has been consistently maintained and enjoys steady occupancy with established, long-term tenants. All six units currently have leases in place, and tenants pay their own utilities, helping to keep owner expenses manageable. Several apartments have been renovated within the past 18 months, the electrical system has recently been updated, and additional mechanical updates have been completed over time. Current gross rental income is approximately $6,200 per month/$74,400 annually. Owner’s recurring annual operating expenses are approximately $20,600, resulting in estimated Net Operating Income of approximately $53,800 and an approximate 8% cap rate at the current asking price. Income and expense information is provided by the seller and should be independently verified by the buyer. A major bonus is the large rear parking lot providing ample off-street parking for residents—an especially valuable feature for a six-unit property in the City of Newburgh. With six established units, leases in place, separate tenant-paid utilities, recent improvements, strong occupancy history and substantial private parking, this is an attractive opportunity for an investor seeking an established income-producing multifamily property. Conveniently located near shopping, dining, transportation, major commuter routes and the Newburgh waterfront.

Property Details

Cooling

None

Heating

Natural Gas

Basement

Unfinished

Schools