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Creekside Apartments 597 Bross St 22 Unit Apartment Building $2,500,000 ($113,636/Unit) 7.50% Cap Rate Cairo, NY 12413
Investment Highlights
- 22-Unit Apartment Community Across Eight Buildings
- Expansive 10.5 Acre Site With Scenic Creek And Pond Frontage
- Large On-Site Maintenance Building Provides Operational Efficiency
- Approximately 40% Rental Upside Through Mark-To-Market Rent Growth
- On-Site Laundry Facilities And Ample Parking Support Tenant Retention
- Located Near The Catskill Mountains, Benefiting From Year-Round Tourism, Regional Employment, And Continued Population Growth
Executive Summary
Creekside Apartments is a 22-unit apartment community located in Cairo, New York, offering a unique investment opportunity in the scenic northern Hudson Valley and Great Northern Catskills region. The property consists of eight wood-frame buildings on an expansive 10.51-acre site with scenic creek and pond frontage. The diverse unit mix features one, two, and three-bedroom apartments, providing a stable cash flow with 100% occupancy and an established tenant base.
The property presents approximately 40% rental upside through mark-to-market rent growth, with current average rents significantly below market rates. On-site amenities include laundry facilities and ample surface parking with 40 spots, supporting tenant retention. A large on-site maintenance building provides operational efficiency for property management.
The property presents approximately 40% rental upside through mark-to-market rent growth, with current average rents significantly below market rates. On-site amenities include laundry facilities and ample surface parking with 40 spots, supporting tenant retention. A large on-site maintenance building provides operational efficiency for property management.
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $113,636 | Lot Size | 10.00 AC |
| Sale Type | Investment | Building Size | 17,235 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1945 |
| Property Subtype | Apartment | Parking Ratio | 2.32/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | 01 | ||
| Price | $2,500,000 |
| Price Per Unit | $113,636 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 10.00 AC |
| Building Size | 17,235 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1945 |
| Parking Ratio | 2.32/1,000 SF |
| Zoning | 01 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Pond
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 700 |
| 2+1 | 16 | - | 800 |
| 3+1 | 1 | - | 900 |
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 192400-084-000-0005-010-000-0000 | Improvements Assessment | $29,000 |
| Land Assessment | $8,800 | Total Assessment | $37,800 |
Property Taxes
Parcel Number
192400-084-000-0005-010-000-0000
Land Assessment
$8,800
Improvements Assessment
$29,000
Total Assessment
$37,800
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Creekside Apartments | 597 Bross St