21 Grove St

New Paltz, NY 12561 View Map $879,000 Schedule a Tour
Baths5
Acres0.34
Year2002
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Glenn Fitzgerald

Glenn Fitzgerald

(845) 443-7776
 
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Status: Active - Pending Continue to Show
Property Type:2 Family
MLS #:20223599
On Site:86 Days
Lot Size:0.34 Acres
County:Ulster County
Opportunity to purchase one of the finest college rental buildings in New Paltz. Impeccably maintained 2-Unit property, with 5BR/2BA in the original house + 3 BR/3BA in the attached 2002 addition. The large 0.34-acre lot is located just one block from Main Street and four blocks from the SUNY New Paltz campus. The building is fully leased to two separate groups of six students each, through June 2023, at a total of $6,905 per month. Both groups of tenants would like to extend through June 2024. Tenants pay all utilities including electricity, heat, water, sewer, and garbage. Twelve private off-street parking space provide a rare and convenient amenity. The current owner bought the property in 2014 and has done a great job, with recent improvements that include a new roof, new on-site coin-operated laundry, parking lot blacktop, security cameras, new hot water heater, and new stove. True 7.1% cap rate, with upside in the rents (current rent averages just $575 per student). Full financials available upon request.

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$000 Monthly Payment
Loan and interest only.

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Community Information

Address:21 Grove St, New Paltz, NY 12561
Township:New Paltz
Zip Code:12561

Architecture

Bathrooms: 5
Year Built:2002
Unit 1: 5 Beds•2 Baths•$3,500 rent
Unit 2: 3 Beds•3 Baths•$3,405 rent
Garage/Parking: Off Street

Features / Amenities

Heat Source: Baseboard
Heating Fuel: Oil

Property Features

Lot Size: 0.34 Acres
Lot Dimensions:0.34 Acres
Water: Municipal
Sewer: Municipal
Zoning:R2
Directions:Turn off of Main Street onto Grove Street, across from iPho Restaurant. One block to John Street. Property is on the northwest corner. Park in private parking lot along John Street, to rear of building.

Tax and Financial Info

General Tax: $4,349
Village Tax: $1,820
School Tax: $8,529
Owner Pays: Taxes
Tenant Pays: All Utilities
Monthly Income: $6,905
Annual Income: $82,860
Net Income: $60,060

Schools

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21 Grove St New Paltz,  NY 12561
GO SEE THIS LISTING
21 Grove St New Paltz, NY 12561
 
ASAP
Wed
8
Feb
Thu
9
Feb
Fri
10
Feb
Sat
11
Feb
Sun
12
Feb
Mon
13
Feb
Tue
14
Feb
Choose Your Date -- It's Free, Cancel Anytime
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Opportunity to purchase one of the finest college rental buildings in New Paltz. Impeccably maintained 2-Unit property, with 5BR/2BA in the original house + 3 BR/3BA in the attached 2002 addition. The large 0.34-acre lot is located just one block from Main Street and four blocks from the SUNY New Paltz campus. The building is fully leased to two separate groups of six students each, through June 2023, at a total of $6,905 per month. Both groups of tenants would like to extend through June 2024. Tenants pay all utilities including electricity, heat, water, sewer, and garbage. Twelve private off-street parking space provide a rare and convenient amenity. The current owner bought the property in 2014 and has done a great job, with recent improvements that include a new roof, new on-site coin-operated laundry, parking lot blacktop, security cameras, new hot water heater, and new stove. True 7.1% cap rate, with upside in the rents (current rent averages just $575 per student). Full financials available upon request.

Listing Information Last Updated 2/7/2023
Listing provided courtesy of New Paltz Properties.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program. Real estate listings held by IDX Brokerage firms other than Keller Williams Realty Hudson Valley North are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. This information is provided exclusively for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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