58 St. James Street, Kingston, NY 12401 (MLS# 20221453)
$1,590,000
Kingston, NY 12401
MLS# 20221453
Status: Closed
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Property Description
Cap rate at asking price is 9.63%. Loan is assumable at 4%. Uptown Kingston 17 unit apartment complex consisting of a main building with 14 apartments, then a detached carriage house with 3 apartments and a 1 car garage. Owner pays for all utilities in both buildings, main building has a natural gas boiler and gas hot water, carriage house has a forced air natural gas furnace and a gas hot water heater. Almost all units have been renovated/updated in the last few years, all hard wood flooring, some exposed and some under carpeting/other flooring. Building overall has undergone many improvements in the last few years from interior to exterior renovations. Location is very very desirable, walk to Uptown Kingston shops, restaurants, business and more. All tenants are very well qualified and up to date on the rent, Cap rate at asking price is 9.63%. Buyers agent to confirm expenses.
Details
Contract Information
Listing Agreement: Exclusive Right To Sell
Owner Name: Klondike
Owner Phone: 8453897895
Current Price: $1,590,000
Original List Price: 2000000
Sold Price: $1,590,000
Status: Closed
Listing Contract Date: 2022-05-20
Property Sub Type: Multi Family
Location, Tax, and Legal
Elementary School: G.Washington K-4
General Tax: 9703
School Tax: 16169
Tax Annual Amount: 25872
Tax Assessed Value: 502000
Tax Legal Description: 8,4,58 St. James Street
Tax Lot: 8
Tax Block: 4
Zoning: com 1
Directions: From Uptown Kingston take Clinton Ave toLeft on St. James St property on Right
General Property Information
Number Of Units Total: 17
Lot Size Acres: 0.29
Lot Size Dimensions: 70x185
Association YN: No
Garage YN: Yes
Attached Garage YN: No
Garage Spaces: 1
Sign On Property YN: Yes
Disclaimer: The listing broker's offer of compensation is made only to participants of the Hudson Valley Catskill Region MLS.
Stories: 2
Year Built: 1915
Remarks and Miscellaneous
Public Remarks: Cap rate at asking price is 9.63%. Loan is assumable at 4%. Uptown Kingston 17 unit apartment complex consisting of a main building with 14 apartments, then a detached carriage house with 3 apartments and a 1 car garage. Owner pays for all utilities in both buildings, main building has a natural gas boiler and gas hot water, carriage house has a forced air natural gas furnace and a gas hot water heater. Almost all units have been renovated/updated in the last few years, all hard wood flooring, some exposed and some under carpeting/other flooring. Building overall has undergone many improvements in the last few years from interior to exterior renovations. Location is very very desirable, walk to Uptown Kingston shops, restaurants, business and more. All tenants are very well qualified and up to date on the rent, Cap rate at asking price is 9.63%. Buyers agent to confirm expenses.
Status Change Information
Status Change Timestamp: 2023-03-01
Buyer Financing: Other
Concessions Amount: 0
Major Change Timestamp: 2023-03-01T19:39:51Z
Major Change Type: Status Change
Purchase Contract Date: 2022-12-10
Close Date: 2023-03-01
Close Price: 1590000
Appliances
Gas Water Heater: 1
Range: 1
Refrigerator: 1
Architectural Style
Victorian: 1
Attic Features
Finished: 1
Permanent Stairs: 1
Stand Up: 1
Basement
Concrete: 1
Finished: 1
Full: 1
Interior Entry: 1
Walk-Out Access: 1
Other: 1
Book Information
Liber/Book: 6537
Page: 320
Section: 56.92
Community Features
Playground: 1
Construction Materials
Frame: 1
Wood Siding: 1
Electric
200+ Amp Service: 1
Exterior Features
Lighting: 1
Fencing
Fenced: 1
Partial: 1
Fireplace Features
Living Room: 1
Masonry: 1
Stone: 1
Other: 1
See Remarks: 1
Flooring
Carpet: 1
Ceramic Tile: 1
Hardwood: 1
Heating
Forced Air: 1
Hot Water: 1
Natural Gas: 1
Interior Features
Vaulted Ceiling(s): 1
Listing Terms
Lease Option: 1
Lot Features
City Lot: 1
Garden: 1
Landscaped: 1
Level: 1
Near Public Transit: 1
Other Equipment
Intercom: 1
Other Structures
Other: 1
See Remarks: 1
Parking Features
Driveway: 1
Off Street: 1
Paved: 1
Patio And Porch Features
Deck: 1
Plumbing
Mixed: 1
Road Surface Type
Asphalt: 1
Roof
Asphalt: 1
Shingle: 1
Security Features
Carbon Monoxide Detector(s): 1
Smoke Detector(s): 1
Sewer
Public Sewer: 1
Showing Considerations
Occupied: 1
Structure Type
Multi Family: 1
Water Source
Public: 1
Income and Expenses
Cap Rate: 8
Electric Expense: 9648
Gross Scheduled Income: 218700
Insurance Expense: 5670
Manager Expense: 6561
Monthly Income: 18225
Net Operating Income: 159195
New Taxes Expense: 25872
Other Expense: 6561
Other Income: 0
Total Annual Expenses: 61197
Water Expense: 6885
Owner Pays
All Utilities: 1
Electricity: 1
Gas: 1
Insurance: 1
Repairs: 1
Sewer: 1
Taxes: 1
Trash Collection: 1
Water: 1
Other: 1
Showing Requirements
24 Hour Notice: 1
Appointment Only: 1
See Remarks: 1
Showing Information
Showing Instructions: Showingtime 48 hr
Historical Information
UC Public Historical Remarks: FIPS Code: NY111, Kitchen Description: Cabinets Wood, Age: 100-200, Style: Apt. Complex, Lease Type: Month To Month,One Year, Tenant Pays: Rent Only, Tenant Pays: Rent Only
Location Tax and Legal
Street Number: 58
Street Name: St. James
Street Suffix: Street
County: Ulster
State: NY
Zip Code: 12401
Town (Taxable): Kingston,City
Property Features
Appliances: Gas Water Heater; Range; Refrigerator
Architectural Style: Victorian
Attic Features: Finished; Permanent Stairs; Stand Up
Basement: Concrete; Finished; Full; Interior Entry; Walk-Out Access; Other
Community Features: Playground
Construction Materials: Frame; Wood Siding
Electric: 200+ Amp Service
Exterior Features: Lighting
Fencing: Fenced; Partial
Fireplace Features: Living Room; Masonry; Stone; Other; See Remarks
Flooring: Carpet; Ceramic Tile; Hardwood
Heating: Forced Air; Hot Water; Natural Gas
Interior Features: Vaulted Ceiling(s)
Listing Terms: Lease Option
Lot Features: City Lot; Garden; Landscaped; Level; Near Public Transit
Other Equipment: Intercom
Other Structures: Other; See Remarks
Owner Pays: All Utilities; Electricity; Gas; Insurance; Repairs; Sewer; Taxes; Trash Collection; Water; Other
Parking Features: Driveway; Off Street; Paved
Patio And Porch Features: Deck
Plumbing: Mixed
Road Surface Type: Asphalt
Roof: Asphalt; Shingle
Security Features: Carbon Monoxide Detector(s); Smoke Detector(s)
Sewer: Public Sewer
Showing Considerations: Occupied
Structure Type: Multi Family
Water Source: Public
Showing Requirements: 24 Hour Notice; Appointment Only; See Remarks
Listing Courtesy of Berardi Realty
Listing Agent: Gregory Berardi