363-369 Liberty St
Multifamily | 8 Units | $168,750/unit
Marketing description
Marcus & Millichap - New York Multifamily is pleased to present 363-369 Liberty Street, a 6,800-gross-square-foot multifamily property located in the heart of Newburgh, New York. Comprising eight residential units, the asset is fully occupied and sits within a growing submarket that continues to attract strong tenant demand.
The Property features a perfectly uniform physical layout, delivering a highly efficient income stream supported by a 100% two-bedroom, four-room unit mix. This opportunity is 100% free market, providing immediate and a clear path to achieve a projected 9.9% stabilized capitalization rate.
With all eight units featuring identical 800-square-foot configurations and free from rent stabilization restrictions, the Property benefits from exceptional operational simplicity. Newburgh's continued revitalization and limited supply of high-quality, free-market multifamily assets underpin long-term rent appreciation and sustained investor demand.
Investment highlights
- Clear path to achieve upside through organic turn over and rent growth. By increasing rents to the $2,200 market average, investors could achieve a 9.9% stabilized cap rate and a 17.78% cash-on-cash return.
- Located at the epicenter of revitalization, the asset is backed by $188M in private investments. A $6.89M state grant will upgrade Liberty Street infrastructure, paving the way for 209 new mixed-income apartments.
- Walkable to major economic drivers, the property is 0.5 miles from St. Luke's Cornwall Hospital, employing 1,247 professionals, and 0.8 miles from Mount Saint Mary College, ensuring a stable local tenant pool.
- The property is 100% occupied providing immediate cash flow and 100% free market opportunity.
- The property features a perfectly uniform physical layout, with all eight residential units having an identical 800-square-foot, 2-bedroom, 4-room configuration. This 100% uniform unit mix significantly simplifies ongoing property management and maintenance operations.
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