Cairo Commons 586 Route 20 20 Unit Apartment Building $2,600,000 ($130,000/Unit) 9.03% Cap Rate Cairo, NY 12413

Turn-key scale, operational efficiency, with both short and long-term upside. Set on 4.7 acres, with 5 detached buildings: a main building with 9 various-sized units, a single-unit cottage, and two motel-style outbuildings — one with 8 units and one with 2 units, all individually metered. Short term, there is a 21st unit approved for a 3 bedroom apartment, and a garage that can be leased commercially. The 4.7-acre parcel offers even more long term development potential, including additional units, self-storage and more subject to municipal approvals.
The property has undergone a comprehensive renovation program across the majority of units — ranging from fresh paint and new flooring to full gut renovations including new kitchens, bathrooms, electrical, plumbing, sheetrock, heating, and appliances. Infrastructure improvements include a complete water system overhaul, a new septic tank installation, repair of three existing septic tanks, and a new roof on two units. The result is a stabilized, well-capitalized asset with deferred maintenance addressed and a clean operating baseline going forward.
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, the property serves a tenant base spanning a range of incomes and occupations. It 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.
RECENT IMPROVEMENTS
New roof on main building and multiple units
Parking lot graded and stoned
Exteriors painted
1 new septic tank
3 septic tanks repaired
Landscaping
UNIT IMPROVEMENTS
Unit 1 — No renovation; tenant has lived there approximately 10 years
Unit 2 — Full renovation: new kitchen, flooring, bathroom, appliances
Unit 3 — New paint, new bathroom
Unit 4 — New paint
Unit 5 — New paint
Unit 6 — New paint
Unit 7 — Major renovation: new bathroom, flooring, doors, lighting, kitchen, appliances
Unit 8 — New paint
Unit 9 — New paint
Unit 10 — New paint
Units 11–18 — Full renovation: electrical, sheetrock, heating, bathrooms, flooring, plumbing, lighting
Unit 19 — New paint, new kitchen, new flooring
Unit 20 — New flooring, new kitchen, new paint