764-766 Mountain Avenue, Cairo, NY, 12413
$2,195,000
activeYear Built
1970
Type
Commercial
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
Situated in the highly desirable hamlet of Round Top within the Town of Cairo, this 16-unit multifamily property presents a rare opportunity to acquire a well-positioned asset with significant upside potential. The property consists of two residential buildings offering a diverse mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential. Current ownership has invested extensively in the asset over the past five years, completing a comprehensive capital improvement program that has substantially reduced deferred maintenance and laid the foundation for future income growth. Major upgrades include a reconstructed water system, electrical improvements, new roofing, parking and drainage enhancements, professional landscaping, exterior repairs, and a renovated on-site laundry facility. Other improvements include a brand new septic system designed by engineering firm Kaaterskill Associates. Numerous apartment interiors have also been modernized with updated flooring, kitchens, bathrooms, appliances, fixtures, water heaters, and other unit-specific improvements, positioning the property to compete more effectively within the local rental market. The property's most compelling feature is its substantial value-add potential. Several units remain leased below projected market rents, creating a clear path to increased cash flow through strategic rent optimization. The property is projected to achieve an approximate 9 cap rate upon stabilization at market rents. Additional revenue is generated through the on-site laundry facility, further enhancing investment returns. The 6-unit building currently operates with landlord-paid utilities, while the 10-unit building benefits from tenant-paid electric and electric heat, offering a favorable utility structure and opportunities for continued operational efficiencies. Qualified buyers will have access to a complete due diligence package, including rent rolls, operating statements, projected market rents, and a detailed capital improvement history. Offering immediate scale, extensive completed capital improvements, and meaningful income growth potential, this is an exceptional opportunity to acquire a turnkey multifamily asset in one of the Catskills' most sought-after destinations.
Listed by Natasha A. Witka, Century 21 New West Properties
Listings courtesy of OneKey® MLS as distributed by MLS GRIDBased on information submitted to the MLS GRID as of Sep 22, 2026, 5:31 PM UTC (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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