5 Simmons Street, Saugerties, NY 12477 (MLS# 20250186)

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Property Description
40 turn-key and well-managed apartments located in the Village of Saugerties. 5 Simmons St is a 28-unit apartment complex consisting of Twenty 1-bedroom units, Eight 2-bedroom units, an office, and a Laundry. This property has all separate utilities (Electric heat and electric hot water). The parcel consists of mostly flat land and a sprawling 3-acre lot with seasonal views of the Hudson River. Just about across the street is 142 Burt St, a 12-unit apartment complex boasting 11 large Studio units and a Small 2-bedroom unit, there is coin-operated laundry. On this property, the landlord supplies all utilities, (Electric Heat/AC, and hot water) and also has a full and paid-for Solar system keeping the overall utilities very low. The property is flat, mostly fenced, and is located on over half an acre. Both properties are within walking distance of the center of the Village and major shopping. Both properties are also conveniently located 8 minutes from the NYS Thruway, 9 minutes away from the Ulster Landing County Park (Hudson River waterfront), and have been noted by many magazines and publications as the #1 small town in the country for numerous years in a row. Saugerties is located about 100 miles north of NYS and is known for Majore Horse showed in the summer (Hits on the Hudson). Both properties are not only excellently maintained and managed, but there is tremendous upside in raising the rent roll under the apartment's current condition. There is tremendous potential for adding storage units in the one large basement at the 5 Simmons property along with possible garages for the tenants. Burt St has great yard space and could be further enhanced with patios on each of the first-floor units. Both properties have municipal water and sewer. The owner requires proof of funds for Cash buyers before scheduling a showing, the owner also will not accept a Mortgage contingency to purchase although will comply with most bank requirements, access, and documents for the buyer to obtain a mortgage. If a buyer is not paying Cash, a commercial mortgage acknowledgment must be provided before showing (with the full buyer's understanding) that the seller will allow a buyer to obtain a mortgage but will not allow that to be a contingency of the purchase. The first showing will consist of seeing two units at each property, common areas, mechanical rooms, laundry rooms, and basements. Listing Agent has interest in the properties.

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