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586 Old Route 23 - Cairo Commons 21 Unit Apartment Building Offered at $2,995,000 at a 8.90% Cap Rate Cairo, NY 12413
Investment Highlights
- 21 units total: 20 leased + 1 leased at closing
- Renovated interiors and updated systems
- Large parcel with additional land for expansion or improvements
- Tenant-paid electric with individual meters
- Simple, efficient layout with minimal common area maintenance
- Up to 20% seller financing available for qualified cash or 1031 buyers
Executive Summary
Turn-key scale, operational efficiency, and long-term upside. Set on 4.7 acres with 5 detached buildings: a main building with 10 various sized units, a single unit cottage, and two motel-style outbuildings, one with 8 units, and one with 2 units. 20 units are currently leased, with a 21st delivered leased at closing. Units are individually metered, supporting transparent operating expenses and clear NOI reporting. The 4.7-acre parcel may offer additional development potential, subject to municipal approvals. Seller may consider up to 20% owner financing for qualified buyers.
Nearby communities including Hudson, Leeds, Catskill, and Windham are seeing renewed investment and development activity, from boutique hospitality to mixed-use revitalization projects—driving economic activity and long-term rental stability across Greene County. Located directly off Route 23, it serves a tenant base spanning a range of incomes and occupations. The property delivers dignified, well-maintained housing that tenants stay in, not cycle through—making it especially well-positioned in a region where demand for workforce housing continues to outpace supply.
Nearby communities including Hudson, Leeds, Catskill, and Windham are seeing renewed investment and development activity, from boutique hospitality to mixed-use revitalization projects—driving economic activity and long-term rental stability across Greene County. Located directly off Route 23, it serves a tenant base spanning a range of incomes and occupations. The property delivers dignified, well-maintained housing that tenants stay in, not cycle through—making it especially well-positioned in a region where demand for workforce housing continues to outpace supply.
Property Facts
| Price | $2,995,000 | Property Type | Multifamily |
| Price Per Unit | $142,619 | Building Size | 12,522 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 8.90% | No. Stories | 2 |
| No. Units | 21 | Year Built | 1960 |
| Zoning | 01 | ||
| Price | $2,995,000 |
| Price Per Unit | $142,619 |
| Sale Type | Investment |
| Cap Rate | 8.90% |
| No. Units | 21 |
| Property Type | Multifamily |
| Building Size | 12,522 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Zoning | 01 |
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586 Old Route 23 - Cairo Commons
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