A unique opportunity to own this charming 1890s multi-family building sitting right on the Rondout Creek in the heart of Rosendale, one of the most charming hamlets in the Hudson Valley. Itâs absolutely perfect for an investor, for anyone who wants to spend all or part of their time in this area while offsetting their costs with rental income, or someone who wants to convert it to a generous single-family home! The building is comprised of two separate units, one duplex (East Unit) with 2 bedrooms and 1 bathroom over 2 floors (approx. 782 sq ft) and the other (West Unit) with 4 bedrooms and 2 bathrooms over 3 floors (approx. 1,816 sq ft)âboth sharing a lovely front covered porch. There is plenty of parking and residents will be surrounded by the beauty of the Rondout Creek which is right in the large backyard and visible from the interior of the apartments and the back deck (but no flood insurance necessary because the home sits high above the creek!). Recent improvements in the last 2 years include new hot water heaters, roof, and furnace. Perfectly situated right on Main Street in Rosendale, the building is just down the road from all of the shops, restaurants, movie theater, and farmerâs market right on Main Street and the Rosendale Trestle and Wallkill Valley Rail Trail as well as hiking at the Mohonk Preserve Giantâs Ledges. Residents will also enjoy being just 5 minutes to more great restaurants and shops in High Falls, 10 minutes to Stone Ridge and New Paltz, 15-20 minutes to Kingston, all of the popular farm-to-table spots in Kerhonkson & Accord, more hiking at Minnewaska State Park, and just 90 minutes to NYC (and only a 2-min drive to the frequent Trailways bus to/from the city!). Current tenants are paying below market rents. The projected gross income for a full-time Airbnb with 75% occupancy would be close to $109,500 (29.8% cap rate) with potential for more income with just a few cosmetic updates. For a long-term unfurnished rental, it would be approximately $50,400 (10.8% cap rate) and with fewer costs and maintenance. Happy to provide more information regarding projected income and expenses to any interested parties!
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
