Josh Goldflam, Co-founder & Principal of Manhattan based Investment Sales firm Highcap Group, has announced the exclusive listing for the sale of the property package located at 95 Green Street and 58 St. James Street in Kingston New York’s Hudson Valley’s region. The properties have 31 units total and are located 6 blocks from each other in Prime downtown Kingston which has become a mecca of city vacationers and covid transplants from New York’s urban areas.
95 Green Street building is a 3 story 14 unit building that is 100% occupied and very well maintained with mostly renovated apartments. It has a small rear parking lot and a few units with terraces. The super for both buildings’ lives in one of the units at Green Street and is a native of Kingston. 58 St. James Street is a 17 unit property consisting a 14 unit main building and a 3 unit rear carriage house with small parking lot and potential to convert the vacant garage into one additional residential unit. The building
is also 100% occupied and well maintained with a couple of terraces as well. Both buildings come with low-rate assuming mortgages saving a potential buyer closing costs and financing charges.
The asking price of $4,000,000 for the package requires a buyer to have $1,953,000 cash over the mortgages if they want to assume the existing financing. This will yield an 8.1% cash on cash return at the asking price. The asking price equates to a 7.25% CAP Rate and 8.9 times gross rent roll. Please contact Josh at Jg@highcapgroup.com for additional information.
