Pine Tree Gardens 17 Gina Marie Ave 56 Unit Apartment Building $6,250,000 ($111,607/Unit) 9.04% Cap Rate Cairo, NY 12413

"Pine Tree North" is a 56-unit, exceptionally maintained multi-family community in one of the strongest submarkets in the Hudson Valley. This is a rare opportunity to acquire a multi-family property greater than 50 units in the heavily supply-constrained Hudson Valley region.
The current tenancy profile is a strong mix of blue-collar workers and professionals including government and healthcare workers. This presents an excellent opportunity for investors to acquire a property with a stable and long-term tenant base. Many of the tenants have been residing in the property for some years leaving the average in-place rent at $1,300, about 25-30% below market rate. This property is not subject to nor are there any existing rent stabilization laws within the municipality.
There are 14 two-story buildings with four units in each building. Each building has it's own laundry rooms. There is ample on-site parking, grilling areas, play and picnic areas, and nature trails. Also, the excess land allows for future development of more apartments and/or storage units.
The property runs on a new, state of the art well and septic mechanical system and has an on-site water filtration facility. The heating source is electric for which some of the tenants are individually metered and pay for their own.
There has been approximately $500,000 of capex infused into the property over the last 24 months, including renovations of 30 apartments and mechanical and plumbing upgrades.
With excess land and the parcels totaling ~10 acres, there is opportunity for additional development. The property is 20 minutes to Hudson, 30 minutes to Hunter Mountain, 40 minutes to Albany, and 2 hours to NYC, making it an ideal location for commuters.