Kingston NY Josh Goldflam, co-founder & principal of Manhattan based Investment Sales firm Highcap Group, has announced the exclusive listing for the sale of the property package located at 95 Green St. and 58 St. James St. The properties have 31 units total and are located 6 blocks from each other in downtown Kingston.
95 Green St. building is a 3 story 14 unit building that is 100% occupied with mostly renovated apartments. It has a small rear parking lot and a few units with terraces. The super for both buildings’ lives in one of the units at Green St. and is a native of Kingston. 58 St. James St. is a 17 unit property consisting a 14 unit main building and a 3 unit rear carriage house with small parking lot and potential to convert the vacant garage into one additional residential unit. The building is also 100% occupied and well maintained with a couple of terraces as well. Both buildings come with low-rate assuming mortgages saving a potential buyer closing costs and financing charges.
The asking price of $4 million for the package requires a buyer to have $1.953 million cash over the mortgages if they want to assume the existing financing. This will yield an 8.1% cash on cash return at the asking price. The asking price equates to a 7.25% CAP Rate and 8.9 times gross rent roll.
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