336 – 338 Libertyville Road, New Paltz, NY 12561 (MLS# 146586)
$2,405,000
New Paltz, NY 12561
MLS# 146586
Status: Closed
25 beds | 10600 sqft
1 / 78
Property Description
Introducing an exceptional investment opportunity at 336-338 Libertyville Road, New Paltz! This listing boasts a rare 16-unit multifamily property that combines historical charm, modern renovations, and an enviable location. With two separate buildings on a spacious 1.1-acre lot, this offering is sure to captivate investors. The main building, 338 Libertyville Rd, features 12 beautifully renovated units within its (+/-) 7,200 square feet. Originally a barn built circa 1870, this historic structure has been thoughtfully transformed to provide comfortable living spaces. Each unit offers AC while utilities are included in the rent. Onsite amenities include coin-operated washer and dryer are installed in 336 and washer and dryer hookups in 338, and ample parking is available for 20+ cars. The second building, 336 Libertyville Rd, comprises four units and exudes its own unique charm. Built circa 1930, these units are all-electric, and tenants are responsible for their own utilities.Situated along the serene Wallkill River, this property offers a picturesque setting. Where it is also near Minnewaska State Park, and to hiking and world renowned rock climbing in the Shawangunk Mountain Range. (The Gunks) Its prime location, just 4 miles from Downtown Main St and SUNY New Paltz, provides easy access to Route 55 and I-87. The tenant mix historically consists of about 1/4 students and working professionals, ensuring a steady rental demand. Capital improvements have been made to both buildings, and an established management company is in place. It's in a rural setting but close to town that has a stream in the yard, and a communal area to BBQ and relax in nature.Priced at $2,400,000, this 16-unit multifamily property generates a current income of $309,990.00, with an in-place cap rate of 8.75%. Don't miss out on this remarkable opportunity to own a piece of New Paltz's thriving rental market. Contact us today to schedule a showing and secure your investment in history, modernity, and financial success!
Details
Contract Information
Listing Agreement: Exclusive Right To Sell
Owner Name: Fortanach Properties, LLC
Current Price: $2,405,000
Original List Price: 2400000
Sold Price: $2,405,000
Status: Closed
Listing Contract Date: 2023-06-07
Property Sub Type: Multi Family
Location, Tax, and Legal
911 Address: 336 Libertyville Road
General Tax: 0
School Tax: 18711
Town Tax: 5353
Village Tax: 0
Tax Annual Amount: 0
Tax Year: 0
Assessors Full Market Value: 1069444
Tax Assessed Value: 77000
Parcel Number: 86.3-2-45
Tax Exemptions YN: No
Directions: From the village of New Paltz slight left onto Libertyville Rd, continue onto NY-999 and head southwest on Main St toward S Chestnut St.
General Property Information
Number Of Units Total: 16
Lot Size Acres: 1.1
Sign On Property YN: Yes
Disclaimer: Information not guaranteed.
Basement YN: Yes
List Price/SqFt: 226.42
Sold Price/SqFt: 226.89
Bedrooms Total: 25
Living Area: 10600
Year Built: 1970
Remarks and Miscellaneous
CGR Public Historical Remarks: Existing Lease Type: Net, Three Quarter Bathrooms: 0, Quarter Bathrooms: 0, Value Range Price: 0.00, # of Furnaces: 1, FIPS Code: 111, Green Features: No, Lease Type: Net, Special Conditions: None/Unknown, Year Built Exception: 0
Public Remarks: Introducing an exceptional investment opportunity at 336-338 Libertyville Road, New Paltz! This listing boasts a rare 16-unit multifamily property that combines historical charm, modern renovations, and an enviable location. With two separate buildings on a spacious 1.1-acre lot, this offering is sure to captivate investors. The main building, 338 Libertyville Rd, features 12 beautifully renovated units within its (+/-) 7,200 square feet. Originally a barn built circa 1870, this historic structure has been thoughtfully transformed to provide comfortable living spaces. Each unit offers AC while utilities are included in the rent. Onsite amenities include coin-operated washer and dryer are installed in 336 and washer and dryer hookups in 338, and ample parking is available for 20+ cars. The second building, 336 Libertyville Rd, comprises four units and exudes its own unique charm. Built circa 1930, these units are all-electric, and tenants are responsible for their own utilities.Situated along the serene Wallkill River, this property offers a picturesque setting. Where it is also near Minnewaska State Park, and to hiking and world renowned rock climbing in the Shawangunk Mountain Range. (The Gunks) Its prime location, just 4 miles from Downtown Main St and SUNY New Paltz, provides easy access to Route 55 and I-87. The tenant mix historically consists of about 1/4 students and working professionals, ensuring a steady rental demand. Capital improvements have been made to both buildings, and an established management company is in place. It's in a rural setting but close to town that has a stream in the yard, and a communal area to BBQ and relax in nature.Priced at $2,400,000, this 16-unit multifamily property generates a current income of $309,990.00, with an in-place cap rate of 8.75%. Don't miss out on this remarkable opportunity to own a piece of New Paltz's thriving rental market. Contact us today to schedule a showing and secure your investment in history, modernity, and financial success!
Status Change Information
Status Change Timestamp: 2023-08-03
Concessions: No
Buyer Financing: Conventional
Concessions Amount: 0
Major Change Timestamp: 2023-08-03T22:37:51Z
Major Change Type: Status Change
Purchase Contract Date: 2023-07-19
Close Date: 2023-08-03
Close Price: 2405000
Appliances
Gas Water Heater: 1
Water Heater: 1
Basement
Unfinished: 1
Construction Materials
Frame: 1
Stucco: 1
Wood Siding: 1
Electric
Other: 1
Heating
Electric: 1
Propane: 1
Other: 1
Interior Features
High Speed Internet: 1
Road Surface Type
Paved: 1
Roof
Other: 1
Sewer
Septic Tank: 1
Water Source
Well: 1
Window Features
Other: 1
Income and Expenses
Financials Available Y/N: No
Unit 1 Information
Actual Rent: 0
Unit 2 Information
Actual Rent: 0
Unit 3 Information
Actual Rent: 0
Unit 4 Information
Actual Rent: 0
Showing Information
Showing Instructions: email listing broker: adargenzio@houlihanlawrenc.com
Location Tax and Legal
Street Number: 336 - 338
Street Name: Libertyville
Street Suffix: Road
County: Ulster
State: NY
Zip Code: 12561
Town (Taxable): New Paltz
Property Features
Appliances: Gas Water Heater; Water Heater
Basement: Unfinished
Construction Materials: Frame; Stucco; Wood Siding
Electric: Other
Heating: Electric; Propane; Other
Interior Features: High Speed Internet
Road Surface Type: Paved
Roof: Other
Sewer: Septic Tank
Water Source: Well
Window Features: Other
Listing Courtesy of Houlihan Lawrence Inc.
Listing Agent: Anthony Dargenzio