12-Unit Multifamily Investment Opportunity | Catskill, NY Strong Cash Flow • Value-Add Upside • Prime Hudson Valley Location
Introducing 1014 Route 23A, Catskill, NY, a well-maintained 12-unit multifamily property offering stable income, significant upside potential, and extensive recent capital improvements. Situated on 1.6 acres in the thriving Catskill/Hudson Valley market, this asset is ideal for investors seeking dependable cash flow and long-term appreciation.
The property consists of three two-story buildings with 12 spacious two-bedroom, one-bathroom apartments totaling approximately 11,920 rentable square feet. Current income is approximately 15,725/month from residential rents plus 500/month from on-site laundry, generating 194,700 in annual gross income. Several units remain below market rent, providing a clear path to increased revenue and a 9 cap rate at stabilization.
Efficient Operations:
Each apartment is separately metered and features electric baseboard heat and an electric water heater, with tenants responsible for electric, heating, and hot water expenses. This structure helps minimize landlord expenses and creates predictable operating expenses.
Property Features:
Ample on-site parking
Income-producing laundry facilities
Private well system
Three septic systems (one per building)
Ceiling fans, dishwashers, and A/C in select units
Extensive Capital Improvements
Ownership has made substantial investments in the property's infrastructure, helping reduce near-term capital expenditure needs:
New roof (2015)
New siding (2020)
Upgraded water system and treatment system (2018)
All decks, balconies, and exterior stairways rebuilt or replaced
20 of 24 sliding glass doors replaced
Retaining wall rebuilt
New well and sump pumps with upgraded power line
New septic piping for Building 3
Numerous water heaters replaced
Interior Updates:
Many units have been renovated with:
New flooring and paint throughout
Updated bathrooms and fixtures in most units
Kitchen upgrades in select units
Laundry facilities have also been upgraded with new washers and dryers, enhancing resident convenience and supplemental income.
Desirable Catskill Location:
Conveniently located on Route 23A with easy access to the Village of Catskill, the Hudson River waterfront, shopping, dining, and major transportation routes. Residents enjoy year-round access to the region's most sought-after attractions, including hiking, skiing, golf, fishing, boating, and the Catskill Mountains.
Investment Highlights:
12-unit multifamily apartment complex
Three separate residential buildings
Strong in-place cash flow
Additional laundry income
Tenant-paid electric, heat, and hot water
Below-market rents with value-add potential
Extensive completed capital improvements
Projected 9 pct cap rate at market rents
Highly desirable Hudson Valley location
Qualified buyers will receive a comprehensive due diligence package, including rent rolls, operating statements, market rent analysis, and capital improvement records upon execution of a confidentiality agreement.
Explore the property's dedicated website, aerial drone photography, 3D virtual tours, and floor plans to experience this exceptional Catskill multifamily investment opportunity. *Additional Investment Opportunity* The seller also owns a 16 unit multifamily investment property in the area, offering a reported 9 pct cap rate. This additional asset is available for purchase separately or potentially as part of a combined 28 unit investment portfolio, presenting an exceptional opportunity for investors seeking to expand their holdings and maximize economies of scale in the Hudson Valley market.
