List Search

508-510 State St

Hudson, NY 12534

$325,000

Apartments For Sale  •  7,896 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 7,896 Sq Ft
  • Lot Size 0.14 ac
  • Building Class C
  • Year Built 1910
  • Cap Rate 10.20 %
  • Zoning R2H
0 Transit Score
85 Walk Score

Description

6 Unit Apartment House with a Bonus 3 Bedroom House on the Alley. All on a double lot. The apartment building suffers from years of deferred maintenance. Some structural issues have been addressed but there are still others that need solving. It might be more cost-effective to demolish the apartment building and start over. Free-standing house is in better shape than the larger building. This property is ideal for contractors, builders or developers who could get what's needed done at wholesale. It's not a small job. There is a full height basement that had previously been living space with windows and a walk out in back. If permitted, that space could add even more value to this property. Possible creative financing. Building is currently partially gutted with one ground floor unit in the apartment building occupied as well as the 3 bedroom rear house occupied. Both tenants are month to month. Five apartments in the building are vacant and mostly gutted.

This property is located in an Opportunity Zone which has even great benefits than a 1031K Exchange. - Properties purchased with or restored with capital gains and held for ten years or more, can have capital gains taxes completely eliminated (speak with you accountant to confirm if you and this property are eligible).

Highlights

Steps away from the Hudson Area Library at the former Armory
On one of the last central up and coming blocks in Hudson
Can be configured as the new buyer wishes.

Property Flyers

Financial Summary (Actual)

Net Operating Income: $33,152 (2017)
Cap Rate: 10.20 %
Total Expenses: $10,168

Amenities

  • Eat-in Kitchen
  • Kitchen
  • Hardwood Floors
  • Vaulted Ceiling
  • Tub/Shower
  • Views
  • Yard
  • Basement
  • Garden
  • Vinyl Flooring

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 4
Type: Surface
Included in Rent: Yes
Victor Mendolia 518-751-4444 TKG The Kinderhook Group Hudson
Victor Mendolia 518-751-4444 TKG The Kinderhook Group Hudson