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20 Mercer St 12 Unit Apartment Building $1,900,000 ($158,333/Unit) 7.68% Cap Rate Waterford, NY 12188
INVESTMENT HIGHLIGHTS
- 12-Unit Multifamily Complex Comprised Of 3 Separate Quadplexes
- Tenant Paid Utilities
- 2009 Construction With Stainless Steel Appliances, Washer/Dryer Hook Ups & 2nd Floor Decks
- Quiet Dead End Street & Convenient Access to I-787 & I-87
EXECUTIVE SUMMARY
The Oak & Avery Group is pleased to present the "Apartments at 20 Mercer," a 12-unit multifamily deal comprised of 3 separate quadplexes, on one tax lot. The units were constructed in 2009 and the parcel totals 4.95 acres. The apartments are all identical 2-bedroom, 1-bathroom layouts and each building has 2 up and 2 down.
Tenants pay their own utilities including electric and gas, for which they have their own meters and individual gas fueled furnaces. The properties are well maintained and fully occupied with in-place leases. The rents are under-market and given the turnkey condition, zero capex is required to capture the current loss to lease.
The property is located in a quiet residential neighborhood on a dead end street. It is in proximity to Route 4, Route 32, I-787 and I-87, as well as Albany International Airport, multiple colleges including SUNY Albany, Siena University and RPI and numerous big box anchor stores including Sam's Club, Target, Home Depot and Walmart.
Tenants pay their own utilities including electric and gas, for which they have their own meters and individual gas fueled furnaces. The properties are well maintained and fully occupied with in-place leases. The rents are under-market and given the turnkey condition, zero capex is required to capture the current loss to lease.
The property is located in a quiet residential neighborhood on a dead end street. It is in proximity to Route 4, Route 32, I-787 and I-87, as well as Albany International Airport, multiple colleges including SUNY Albany, Siena University and RPI and numerous big box anchor stores including Sam's Club, Target, Home Depot and Walmart.
PROPERTY FACTS
| Price | $1,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $158,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 5.09 AC |
| Cap Rate | 7.68% | Building Size | 20,355 SF |
| No. Units | 12 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2009 |
| Price | $1,900,000 |
| Price Per Unit | $158,333 |
| Sale Type | Investment |
| Cap Rate | 7.68% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 5.09 AC |
| Building Size | 20,355 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2009 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 12 | - | 1,000 |
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PROPERTY TAXES
| Parcel Number | 415489 291.13-1-35.111 | Improvements Assessment | $775,100 |
| Land Assessment | $89,900 | Total Assessment | $865,000 |
PROPERTY TAXES
Parcel Number
415489 291.13-1-35.111
Land Assessment
$89,900
Improvements Assessment
$775,100
Total Assessment
$865,000
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20 Mercer St
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