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17-19 Downs St
Kingston, NY 12401
Multifamily Property For Sale
·
6 Units
Investment Highlights
- 8.19% cap rate on a six-unit asset — strong in-place return in a tightening Hudson Valley market
- T5-Neighborhood (T5N) zoning — Kingston's form-based code encourages mixed-use, retail, and neighborhood-supporting commercial alongside residential
- Prime Kingston positioning — walkable, restaurant-dense, and a legitimate Hudson Valley destination driving both rental demand and visitor economy
- Flexible unit mix — two 2-bedrooms, two 1-bedrooms, and two studios, letting an owner blend long-term and premium furnished tenancies
- Short-term-rental (STR-F) eligible zone — full STR permits are reserved for T4/T5 transects only, putting boutique lodging and hospitality concepts on
- Classic 1950 construction — durable bones and livable scale with clear value-add and repositioning upside
Executive Summary
A rare six-unit asset in one of Kingston's most opportunistic zoning transects. 17 Downs Street delivers a strong 8.19 cap rate on a 625,000 ask while sitting in a T5-Neighborhood (T5N) zone built for exactly the kind of upside that's getting harder to find in the Hudson Valley.
The unit mix is purpose-built for flexibility: two 2-bedrooms, two 1-bedrooms, and two studios, a spread that lets an owner play multiple tenant profiles -- long-term residential stability in the larger units, premium furnished or transitional rents in the smaller ones.
Here's where T5N earns its keep. Kingston's form-based code reserves its full short-term-rental (STR-F) permit type for T4 and T5 transects only -- 17 Downs sits in that eligible band. The same zone is written to encourage a diverse mix of residential building types, general retail, and small to medium-sized neighborhood-supporting commercial uses, putting boutique lodging, live-work, and ground-floor hospitality concepts genuinely on the table for a creative buyer. In a walkable, restaurant-dense city that has become a legitimate Hudson Valley destination, that hospitality optionality is the differentiator -- most multifamily product can't touch it.
Built in 1950, with the bones and scale that make Kingston's housing stock so livable, this is a clean opportunity with a second gear for an operator who wants to lean into Kingston's visitor economy.
The unit mix is purpose-built for flexibility: two 2-bedrooms, two 1-bedrooms, and two studios, a spread that lets an owner play multiple tenant profiles -- long-term residential stability in the larger units, premium furnished or transitional rents in the smaller ones.
Here's where T5N earns its keep. Kingston's form-based code reserves its full short-term-rental (STR-F) permit type for T4 and T5 transects only -- 17 Downs sits in that eligible band. The same zone is written to encourage a diverse mix of residential building types, general retail, and small to medium-sized neighborhood-supporting commercial uses, putting boutique lodging, live-work, and ground-floor hospitality concepts genuinely on the table for a creative buyer. In a walkable, restaurant-dense city that has become a legitimate Hudson Valley destination, that hospitality optionality is the differentiator -- most multifamily product can't touch it.
Built in 1950, with the bones and scale that make Kingston's housing stock so livable, this is a clean opportunity with a second gear for an operator who wants to lean into Kingston's visitor economy.
Property Facts
| Price Per Unit | $104,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 8.49% | Building Size | 5,248 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.15/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-3 | ||
| Price Per Unit | $104,167 |
| Sale Type | Investment |
| Cap Rate | 8.49% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,248 SF |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.15/1,000 SF |
| Zoning | C-3 |
Amenities
Unit Amenities
- Cable Ready
- Patio
- Porch
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
Property Taxes
| Parcel Number | 0800-056.025-0001-024.000-0000 | Improvements Assessment | $237,000 |
| Land Assessment | $28,000 | Total Assessment | $265,000 |
Property Taxes
Parcel Number
0800-056.025-0001-024.000-0000
Land Assessment
$28,000
Improvements Assessment
$237,000
Total Assessment
$265,000
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