3478 Main Street, Stone Ridge, NY 12484 (MLS# 20191860)
$875,000
Stone Ridge, NY 12484
MLS# 20191860
Status: Closed
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Property Description
Enjoy a 9.8 % return on your investment with 11 rental apartments in 3 buildings with a total of 8,420 s ft in the village of Stone Ridge. One building was built in 1875, the other two in 1940 and 1950. The apartments are one to three bedrooms, about half are two floor units with rents ranging from $725 and $1,200. Situated on 6 acres with front and back yard and parking lots in the rear, with new blacktop driveway. All separate electric meters and dedicated boilers for each unit. Since 2015, 8 out of 11 boilers and hot water heaters were replaced, 6 units feature updated baths, kitchen and replaced flooring. Two units with washer/dryer hookups. Tenants are responsible for their propane (# 8 with oil boiler) and electric, with exception of the two smallest apartments (# 6 and 7) where rents include utilities. Great opportunity to benefit from a high demand rental market in Stone Ridge, 20 minutes from Kingston and New Paltz. Tenants enjoy being on the UCAT bus route and the ability to walk to SUNY Ulster, shopping and restaurants.
Details
Contract Information
Listing Agreement: Exclusive Right To Sell
Owner Name: Stone Ridge Equities
Owner Phone: 8456872200
Occupant Name: Tenants
Current Price: $875,000
Original List Price: 928000
Sold Price: $875,000
Status: Closed
Listing Contract Date: 2019-05-15
Property Sub Type: Multi Family
Location, Tax, and Legal
Township: Marbletown
Elementary School: Marbletown K-3
General Tax: 2565
School Tax: 5222
Tax Assessed Value: 300000
Tax Legal Description: 48,3,3478 Main Street
Tax Lot: 48
Tax Block: 3
Zoning: B1
Directions: On Stone Ridge's Main Street, north of the Citgo station.
General Property Information
Number Of Units Total: 11
Lot Size Acres: 6
Lot Size Dimensions: 6 acres
Association YN: No
Garage YN: No
Garage Spaces: 0
Sign On Property YN: Yes
Remarks and Miscellaneous
Public Remarks: Enjoy a 9.8 % return on your investment with 11 rental apartments in 3 buildings with a total of 8,420 s ft in the village of Stone Ridge. One building was built in 1875, the other two in 1940 and 1950. The apartments are one to three bedrooms, about half are two floor units with rents ranging from $725 and $1,200. Situated on 6 acres with front and back yard and parking lots in the rear, with new blacktop driveway. All separate electric meters and dedicated boilers for each unit. Since 2015, 8 out of 11 boilers and hot water heaters were replaced, 6 units feature updated baths, kitchen and replaced flooring. Two units with washer/dryer hookups. Tenants are responsible for their propane (# 8 with oil boiler) and electric, with exception of the two smallest apartments (# 6 and 7) where rents include utilities. Great opportunity to benefit from a high demand rental market in Stone Ridge, 20 minutes from Kingston and New Paltz. Tenants enjoy being on the UCAT bus route and the ability to walk to SUNY Ulster, shopping and restaurants.
Status Change Information
Status Change Timestamp: 2019-07-02
Buyer Financing: Cash
Concessions Amount: 0
Major Change Timestamp: 2019-07-03T00:06:31Z
Major Change Type: Status Change
Purchase Contract Date: 2019-06-06
Close Date: 2019-07-02
Close Price: 875000
Appliances
Electric Water Heater: 1
Range: 1
Refrigerator: 1
Book Information
Liber/Book: 5891
Page: 85
Section: 61.20
Construction Materials
Aluminum Siding: 1
Wood Siding: 1
Electric
Other: 1
Flooring
Varies: 1
Heating
Baseboard: 1
Forced Air: 1
Oil: 1
Propane: 1
Listing Terms
Lease Option: 1
Lot Features
Garden: 1
Level: 1
Near Public Transit: 1
Parking Features
Off Street: 1
Parking Lot: 1
Paved: 1
Plumbing
Mixed: 1
Road Surface Type
Asphalt: 1
Roof
Asphalt: 1
Metal: 1
Shingle: 1
Showing Considerations
Occupied: 1
Structure Type
Multi Family: 1
Water Source
Well: 1
Documents Available
Survey: 1
Income and Expenses
Cap Rate: 10
Electric Expense: 4562
Fuel Expense: 2181
Gross Scheduled Income: 119940
Insurance Expense: 5000
Monthly Income: 9995
Net Operating Income: 91324
New Taxes Expense: 7786
Other Expense: 5935
Other Income: 0
Total Annual Expenses: 28616
Trash Expense: 3152
Owner Pays
Insurance: 1
Repairs: 1
Taxes: 1
Trash Collection: 1
Other: 1
Tenant Pays
All Utilities: 1
Electricity: 1
Gas: 1
Oil: 1
Showing Requirements
See Remarks: 1
Showing Information
Showing Instructions: Contact Listing Office
Historical Information
UC Public Historical Remarks: FIPS Code: NY111, Age: 100-200, Style: Apt. Complex, Lot/Site: Hamlet/village, Lease Type: Month To Month, Water Source: Drilled Well, Sewer: On Site
Location Tax and Legal
Street Number: 3478
Street Name: Main
Street Suffix: Street
County: Ulster
State: NY
Zip Code: 12484
Town (Taxable): Marbletown
Property Features
Appliances: Electric Water Heater; Range; Refrigerator
Construction Materials: Aluminum Siding; Wood Siding
Documents Available: Survey
Electric: Other
Flooring: Varies
Heating: Baseboard; Forced Air; Oil; Propane
Listing Terms: Lease Option
Lot Features: Garden; Level; Near Public Transit
Owner Pays: Insurance; Repairs; Taxes; Trash Collection; Other
Parking Features: Off Street; Parking Lot; Paved
Plumbing: Mixed
Road Surface Type: Asphalt
Roof: Asphalt; Metal; Shingle
Showing Considerations: Occupied
Structure Type: Multi Family
Tenant Pays: All Utilities; Electricity; Gas; Oil
Water Source: Well
Showing Requirements: See Remarks
Listing Courtesy of Berkshire Hathaway Homeservice
Listing Agent: Laurel Sweeney