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21 Main St 11 Unit Apartment Building $1,600,000 ($145,455/Unit) 8.60% Cap Rate Kingston, NY 12401
Investment Highlights
- High-yield, 11 unit multifamily in Uptown Kingston
- Strong unit mix of studios and one-bedrooms with consistent demand
- Located in T5N zoning allowing flexible residential and mixed-use strategies
- Newly reimagined rear cottage delivered as fully leased 4-bedroom at closing
- Recent upgrades include kitchens, baths, boiler, and hot water systems
- Not subject to ETPA per housing office guidance
Executive Summary
Built in the early 1900's, this classic Kingston Victorian has the kind of presence you can't replicate--steep front gable, layered rooflines, projecting bay windows, and a full-width covered porch that still functions as intended. The original structure remains intact in all the ways that matter: clapboard siding, strong proportions, and a raised foundation that gives the building both scale and durability. With the exception of the rear cottage which is completing a renovation, 10 units are fully leased, and are not subject to Kingston's ETPA rent control laws.
The main building offers mostly one-bedroom units, supported by new roofs and recent improvements to kitchens, baths, and core systems, along with extensive copper plumbing infrastructure and updated mechanicals. Central gas heating with high efficiency boiler, and individually metered electric service for each unit with electric ranges. A complete reimagining of the rear cottage into a modern four-bedroom residence will be delivered fully completed and leased at closing.
Set within the flexible T5N zoning district and moments from the Stockade District, Uptown retail, and regional transit, the property holds long-term optionality while performing today. The location, infrastructure, and tenant profile converge into a clean, efficient investment--one that feels considered rather than assembled, and positioned to hold its ground and grow in value as the market continues to mature.
The main building offers mostly one-bedroom units, supported by new roofs and recent improvements to kitchens, baths, and core systems, along with extensive copper plumbing infrastructure and updated mechanicals. Central gas heating with high efficiency boiler, and individually metered electric service for each unit with electric ranges. A complete reimagining of the rear cottage into a modern four-bedroom residence will be delivered fully completed and leased at closing.
Set within the flexible T5N zoning district and moments from the Stockade District, Uptown retail, and regional transit, the property holds long-term optionality while performing today. The location, infrastructure, and tenant profile converge into a clean, efficient investment--one that feels considered rather than assembled, and positioned to hold its ground and grow in value as the market continues to mature.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $1,600,000 | Building Class | C |
| Price Per Unit | $145,455 | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 6,684 SF |
| Cap Rate | 8.60% | No. Stories | 3 |
| No. Units | 11 | Year Built | 1900 |
| Property Type | Multifamily | Parking Ratio | 0.9/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | T5-N - T5N | ||
| Price | $1,600,000 |
| Price Per Unit | $145,455 |
| Sale Type | Investment |
| Cap Rate | 8.60% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 6,684 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 0.9/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | T5-N - T5N |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | - |
| 4+1 | 1 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0800-048.331-0004-014.000-0000 | Improvements Assessment | $438,000 |
| Land Assessment | $112,000 | Total Assessment | $550,000 |
Property Taxes
Parcel Number
0800-048.331-0004-014.000-0000
Land Assessment
$112,000
Improvements Assessment
$438,000
Total Assessment
$550,000
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