This is a home south of Broadway at the corner of Ann Street. It’s a great little home that has been beat up, but it’s still standing over 100 years later. Like most homes in Newburgh this one is being used as a 3-family home. These homes were never made to house that many families. A ground floor rental could probably work out nice. A short walk away is Habitat for Humanity, Liberty Street and the Ann Street Gallery. However, circumstances can change block by block, or even house to house. So be sure to check out the property in person. Clark Street is not one of the most up and coming streets, but being next to Ann Street and so close to other anchors in a positive aspect. This house could be fixed up really nicely.
17 Clark St Newburgh NY (Brian Smith, River Realty) Asking Price: $45,000 Year Built: 1895 Size: 1,675 sq ft Neighborhood: SoBro Taxes: $5,348 Distance to NYC: 58.1 mi, 1 hour 9 mins Public Transportation: MetroNorth to Beacon, then take ferry across Closest Roadways: 9W, I-87, I-84 Google Map
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.
Here is an affordable home that needs a ton of work but, if you don’t mind living in a construction zone for a while, this could be made quite a nice abode for the right family. The most interesting part of this house is that it was frozen in time, somewhere in the 70’s. The furniture, the cupboards, the walls…everything. There is a really cool room in the back with original textured wallpaper that has loads of character. On a positive note, the house next door to the left was recently rehabbed by Habitat for Humanity and dedicated to the Cruz Family two years ago. So at least you know the next door neighbors are homeowners. In general Washington Street is characterized by small brick homes that remind me a lot of London mews. Do you think the furniture comes with the home?
287 Ann St Newburgh NY (Kathy Dawson, Better Homes & Gardens) Asking Price: $39,000 Year Built: 1890 Size: 1,408 sq ft Neighborhood: SoBro Taxes: $5,342 Distance to NYC: 58.1 mi, 1 hour 9 mins Public Transportation: MetroNorth to Beacon, then take ferry across Closest Roadways: 9W, I-87, I-84 Google Map
This is a property that might easily fall off of someone’s radar because of the condition of the exterior, and the lack of activity on this block, but there is reason to look further. This block is no walk in the park, there are definitely some issues here to consider before making this your home, but it is in the right location of a lot of properties that are being developed or with the potential of development. Just down the block is Washington’s Headquarters and the new East Parmenter Neighborhood. On this same block there is Atlas Industries that are creating artists lofts and an art gallery in their new warehouse and the old Resnick Mattress Warehouse that was bought up with the intentions of adding retail and/or artists spaces. Your friends might think you are crazy, but all of the properties on this block are reasonably priced and in the right location of many factors. The question that remains is if you are willing to wait and make positive contributions to the area by actually living here? This property is owned by the same person who owns 281 Grand.
126 S William St Newburgh NY (owner listed) Asking Price: $99,000 Year Built: 1900 Size: 1,520 sq ft Neighborhood: SoBro Taxes: N/A Distance to NYC: 58.1 mi, 1 hour 9 mins Public Transportation: MetroNorth to Beacon, then take ferry across Closest Roadways: 9W, I-87, I-84 Google Map
This is a really interesting property for sale at the southern end of the city on William Street right off the Heights Neighborhood. This is a multi-unit building that is commercially zoned. The rear spaces could be offices or studios. The interior of some of the units are in good shape but others are quite dated. Removing the paneling and dropped ceiling could have a major impact. And best of all, we love the dated sign on the façade that says D. Magliato 1917. Surely there’s some interesting history there. What do you think about the price?
162 William St Newburgh NY (Mary T. Salerno, Judith Guzzi & Assoc) Asking Price: $480,000 Year Built: 1917 Size: 2,476 Taxes: N/A Neighborhood: SoBro Distance to NYC: 57.9 mi, 1 hour 2 mins Public Transportation: MetroNorth to Beacon, then take ferry, Transit Orange Bus Service Closest Roadways: 9W, I-87, I-84 Google Map
This property is so interesting. It doesn’t quite look like it was a residence with the barn door on the right and its cinder block exterior. But the craftsman style columns give it a homey and historical touch. Does anyone know any details about this building? It looks like the garages to the right are part of the property as well.