Here’s an attention grabber. This listing is selling a cluster of 11 buildings for $1.7 million, which equals out to about $159,000 per property. The majority of these properties are located on Benkard, just one or two blocks west of Liberty Street. This is a highly promising area being just steps away from Liberty Street, and just one block south of the warehouses on Liberty and South William that are being bought and converted to artist studio space. Benkard has long scared people away because of its blight. Such a large concentration of buildings in a 2 block area owned by one entity can swing a block either way. Hopefully things can start swinging in a better direction depending on who purchases this 11 building package and what they do with them.
One thing I have not seen in a real estate listing in a long time is an explanation of what has been happening in Newburgh, and yes Beacon. Looking at all the information contextually should put the neighborhood into a bit of perspective. However, I still believe the renter-to-owner ratio in Newburgh is still too high. Benkard could benefit from having more residents who feel committed and responsible for their homes. Either way, it’s definitely an area to keep your eye on! Now what do you think of the price? See the real estate listing and details below:
This is a portfolio consisting out of 11 buildings (2,3 and 4 families) that are all brick, row houses built around 1890-1900. 10 of the 11 buildings are in the same street and on is 2 blocks away. Great location concentration from a property management perspective.Each building is in good condition and renovated. All apartments are occupied an each apartment has separate utilities with individual electric meter and as meter. All tenants pay their own electric, gas and cable.This makes a great investment at a 15% CAP rate plus the upside potential of of the upcoming area,Gross Operating Income is $349,500, expenses (taxes, water, sewer, garbage and insurance) is $90,265 giving you a Net Operating Income of $259,235 a year.Located 60 miles north of Manhattan on the East bank of the Hudson River lies Newburgh City. Newburgh is not just any city for those looking to invest time and money. It is a gem! It has the largest historic district in the state. It has beautifully designed planned neighborhoods like Washington Heights and Colonial Terraces. It has a great scenic park in Downing and a great recreational park in Delano Hitch.With a growing arts community to feed the imagination and a remarkably rich collective of civic improvement organizations in which citizen volunteers keep the city moving ahead.Neighborhood associations have formed in recent years, and block parties are popular. Habitat for Humanity and their partner families have rebuilt 18 houses, with five more every year. The local hospital and community college have announced expansion plans, and new businesses are starting to relocate here. It seems this small city has turned a corner.In 1999, Newburgh’s waterfront consisted largely of broken slabs of concrete with grass growing between them. Today, the waterfront is a bustling destination, featuring several restaurants and other businesses, drawing thousands of customers every weekend.Straight across the Newburgh-Beacon Bridge lies the town of Beacon which has gone through a major gentrification over the last few years. Walk through Main Street and you will see tons of restaurants, art galleries, real estate offices and renovated buildings. As a result, property prices and rents have risen substantially in Beacon.Newburgh feels like old Brooklyn, before its gentrification.
11 building cluster, Newburgh NY (Edward Kalisvaart, Keller Williams)
Asking Price: $1,750,000
Year Built: 1890-1900