Mount Vernon, NY
Northeast Private Client Group is pleased to present 119 N Terrace Avenue, located in Mount Vernon, NY.
119 N Terrace Ave is a recently renovated four (4) unit multifamily building comprised of four (4) 3BR/1BR apartments. Each unit is separately metered for gas and electricity and include their own water heaters and furnaces. The building is two stories standing on a full basement and has 4,856 livable SF. The building is not subject to rent stabilization. The new owner can expect to raise rents when the current leases expire.
The building has undergone $150,000 of capital expenditures in the past year. The units were gut renovated to include marble counter tops, tile flooring, new cabinets and stainless-steel appliances; the rest of the apartment has new hardwood flooring, fixtures and updated bathrooms. Along with the unit finishes the renovation included new gas lines, new windows, automated outdoor lighting, coin op washer and dryer and a roof repair. This building gives an investor the opportunity to own four turn key apartments near Downtown Mt Vernon with minimal deferred maintenance risk and 15%-20% upside in rents without further cap ex.
Mount Vernon, Westchester County, NY