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16-18 Waldron Ave
Nyack, NY 10960
Multifamily Property For Sale
·
29 Units
Investment Highlights
- Free-market apartment complex with no rent control in Rockland County.
- Significant recent upgrades to kitchens, bathrooms, and building systems.
- Strategically located near major highways, bridges, and public transit, connecting to Central Nyack and greater New York metropolitan area.
- Two buildings totaling 29 units positioned near Route 59 for exceptional access.
- Ample tenant amenities including laundry, storage rooms, outdoor recreation, and updated common areas.
- Strong operational performance with upside potential and stable tenancy mix.
Executive Summary
The Residences at Riverhill 59 offer a compelling investment opportunity in Central Nyack within Rockland County, featuring 29 free-market residential units. The property spans two garden-style walk-up buildings set over approximately 1.58 acres, providing a well-maintained, income-producing asset. Originally built in the 1970s with brick and wood-frame construction, the complex has undergone consistent upgrades, including modernized kitchens, stainless steel appliances, updated baths, and hardwood flooring. Renovated interiors feature LED lighting, new windows, and efficient heating systems.
With a favorable unit mix of one-, two-, and three-bedroom configurations and ample parking—approximately 60 spaces—the property supports long-term tenant retention. Investors benefit from strong in-place NOI of $521,754 and projected upside with a gross rent roll of $870,000. Located just off Route 59 and minutes from the Governor Cuomo Bridge, the site boasts proximity to major retail, employment hubs, and regional transportation, enhancing its rental demand profile.
With a favorable unit mix of one-, two-, and three-bedroom configurations and ample parking—approximately 60 spaces—the property supports long-term tenant retention. Investors benefit from strong in-place NOI of $521,754 and projected upside with a gross rent roll of $870,000. Located just off Route 59 and minutes from the Governor Cuomo Bridge, the site boasts proximity to major retail, employment hubs, and regional transportation, enhancing its rental demand profile.
Property Facts
| Price Per Unit | $275,690 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.54 AC |
| Cap Rate | 6.53% | Building Size | 40,448 SF |
| No. Units | 29 | Average Occupancy | 75% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1971 |
| Apartment Style | Low-Rise | Parking Ratio | 1.87/1,000 SF |
| Zoning | R-10 Medium-High Density - R-10 Medium-High Density | ||
| Price Per Unit | $275,690 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.54 AC |
| Building Size | 40,448 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.87/1,000 SF |
| Zoning | R-10 Medium-High Density - R-10 Medium-High Density |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 29 | - | 975 |
Property Taxes
| Parcel Number | 392089-065-012-0002-006-000-0000 | Improvements Assessment | $772,695 |
| Land Assessment | $59,605 | Total Assessment | $832,300 |
Property Taxes
Parcel Number
392089-065-012-0002-006-000-0000
Land Assessment
$59,605
Improvements Assessment
$772,695
Total Assessment
$832,300
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