364-368 Liberty Street
Multifamily | 7 Units | $200,000/unit
Marketing description
Marcus and Millichap - New York Multifamily is pleased to exclusively offer 364-368 Liberty St for sale, two fully occupied multifamily buildings located in Newburgh's historic Liberty Street corridor. The property is combined 8,444 square feet and contains 7 fully free-market residential units. The buildings maintains a 100% occupancy rate and features a highly uniform unit mix, exclusively offering large 3-bedroom layouts that average over 1,200 square feet per apartment.
The New York Multifamily Group at Marcus & Millichap is pleased to present 364-368 Liberty Street, an 9,000-square-foot multifamily property located in the heart of Newburgh's historic Liberty Street corridor. Positioned in a vibrant and growing neighborhood, the asset sits within one of the city's most dynamic and highly sought-after residential districts.
The Property features a unique mix of large three-bedroom apartments, delivering a robust income stream supported by 100% physical occupancy and consistent demand from the area's deep renter pool. This seven-unit asset presents a rare acquisition opportunity comprised entirely of Free Market units, providing immediate cash flow and operational flexibility free of rent regulation restrictions, offering significant upside for investors.
Located directly on Liberty Street with access to major regional thoroughfares, the Property benefits from exceptional connectivity and proximity to premier local dining, retail, and waterfront attractions. Newburgh's continued revitalization and limited supply of spacious layouts underpin long-term rent appreciation and sustained investor demand.
Investment highlights
- Located along Newburgh's Liberty Street corridor, the property benefits from approximately $110M in nearby corridor-related private investment, including the $74M Liberty Street Apartments, $25M Shaw Building adaptive reuse, and $11M 104 Washington Street mixed-use project. A $6.89M infrastructure grant will further support water, sewer, gas, and roadway upgrades tied to over 200 new downtown housing units.
- Located along the Liberty Street corridor, the property is positioned within an area experiencing continued public and private investment. Nearby development activity and infrastructure improvements may further support neighborhood appeal and long-term demand.
- By increasing current rents to the $2,500 market average, this asset offers significant upside. Investors can capitalize on this to boost the Net Operating Income by over $11,000, achieving a 10.1% pro forma cap rate.
- Located a 2-minute drive from the I-84 and Route 9W interchange, the asset provides immediate regional connectivity. It sits 0.3 miles from Mount Saint Mary College, driving steady tenant demand from a major local employer.
- The property operates completely free of rent regulation, with all 7 units classified as 100% Free Market. This allows investors to execute market-rate adjustments.
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