277 Grand Street
Multifamily | 6 Units | $191,667/unit
Marketing description
Marcus and Millichap - New York Multifamily is pleased to present 277 Grand Street, a 5,250-square-foot multifamily property located in the heart of Newburgh, New York. Positioned in a highly desirable residential neighborhood, the asset sits within one of the region's most dynamic and rapidly growing investment corridors.
The Property features six residential units, delivering a balanced income stream supported by a highly desirable unit mix of studios, a two-bedroom, and three-bedroom apartments. This 100% Fair Market asset presents a rare acquisition opportunity with significant upside potential, offering investors the ability to capitalize on zero rent-regulated units and drive revenue through targeted unit renovations.
Located in a prime Newburgh location with convenient access to local transit and major thoroughfares, the Property benefits from exceptional connectivity and proximity to the area's premier dining, retail, and waterfront attractions. Newburgh's continued economic growth and strong renter demand underpin long-term rent appreciation and sustained investor interest.
Investment highlights
- Offered at $1.15M, the asset yields a 7.7% cap rate on $88,701 current NOI. Investors can realize a value-add path to an 8.8% pro forma cap rate and a 13.42% cash-on-cash return by achieving $101,235 in stabilized NOI.
- All 6 units are 100% free market. This allows an investor to capture full market upside without any regulatory complexity.
- Steps from the Newburgh Waterfront, the property benefits from a $10M state revitalization grant. This capital upgrades the Liberty Street corridor's infrastructure, driving future growth and increasing local tenant demand.
- Located 1.2 miles from the 243-bed Montefiore Hospital and 0.8 miles from Mount Saint Mary College (2,500+ students). A 15-minute drive to the Beacon Metro-North provides a 75-minute commute to NYC.
- The property features 6 residential units, including 2 studios, 1 two-bedroom, and 3 three-bedroom apartments. With three-bedroom units comprising 50% of the building, the asset perfectly caters to local families. In Newburgh, 38% of rental homes include children, driving sustained demand for these multi-bedroom layouts.
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