New Listing - 10/09/2024
476 Broadway, Newburgh, (Newburgh City), NY, 12550
3 beds
2 Full / 1 Half baths
1900
Multi Family
3,810 sqft
This well-maintained property offers an exceptional opportunity for investors seeking reliable rental income and the potential to increase cash flow. The property features a vacant street-level storefront, previously leased at $2,000/month, presenting an open canvas for a new retail business or office tenant. With a large, versatile space and convenient rear entry leading to municipal parking, this storefront is highly appealing to small business owners looking for ease of access. Residential income comes from two fully occupied units on the upper floors. The 2nd-floor unit is a 2-bedroom apartment, currently rented for $1,400/month. The 3rd-floor unit is a 1-bedroom apartment, generating $1,200/month. Both apartments have been recently updated, including kitchens, bathrooms, and flooring. Tenants pay all utilities (gas and electric), while the landlord covers water, sanitation, exterminator services, taxes, and insurance, with estimated annual expenses under $14,000. The property boasts high-efficiency gas boilers (residential units) and updated electrical systems, ensuring low maintenance costs and energy savings. This investment offers immediate income from residential leases (both units are month-to-month), with the added opportunity to lease the vacant storefront at market rates. Whether you're a seasoned investor or looking to diversify, this property's strong income potential and strategic location make it a perfect addition to any portfolio.
Status:
Active
Town:
Newburgh
Type:
Multi-family
Units:
3
Heating:
Natural Gas, Hot Water
Cooling:
Window Unit(s)
Parking:
On Street
Acreage:
0.05
Est. Taxes:
$9,425
Assessment
$288,000
Elementary School:
Magnet Sch of Math Science & Design
Middle School:
Call Listing Agent
High School:
Newburgh Free Academy
School District:
Newburgh
MLS #:
H6331893
Community Info
School Info
Walk Score
Mass Transit
Yelp
Similar Properties
New or Coming Soon Properties
Listing courtesy of Rising Star Realty 914-243-4885