Route 6 Apartments

  • Title

    Multifamily Property for Sale

  • City

    Carmel, NY

  • Price

    $480,000

  • Cap Rate

    8.12%

  • Gross Leasable Area

    3,481 SF

  • No. Units

    4

  • Price/SF

    $137.89

  • Price/Unit

    $120,000

  • No. Stories

    2

  • Property Type

    Multifamily

  • Year Built

    1970

Not found amenities.

1825 Route 6 is a 4-unit multifamily property located on the Route 6 corridor in Carmel, NY.

All 4 apartments have been renovated since 2014 featuring new appliances and updated kitchens.

In the Spring of 2016 the building received a completely new exterior (new siding, gutters, leaders, sofits, roof overhangs and window trim).

The electric service is 7 years old and all apartment units are separately metered.

The building is approved for the Section 8 program at rents higher than the current monthly rent (as shown in the pro forma rents in the analysis). A new owner could significantly increase rents.

Additional income can be captured through a 4 car garage that has previously been rented out for $450 a month (attributed in this analysis as miscellaneous income) and is separately metered.

The property has 8 parking spaces and is located within walking distance of shopping and restaurants and a short drive to the Southeast Metro North Station.

The property is zoned for future commercial development as well.

Carmel, Putnam County, NY