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Listed by Matthew Eyler, New Paltz Properties
Prime seven-bedroom college rental property on a great lot on the corner of Elting Avenue and Southside Avenue, immediately adjacent to campus. The entire building has been occupied by members of a SUNY sorority for 30 consecutive years, so no leasing risk or hassle. Two of the bedrooms are large enough for legal double occupancy, one of which has double occupancy now. Built in 1991, the building is newer than the vast majority of local housing stock, with a new roof in 2016 and a new hot water heater as well. Owners would prefer to sell this building in conjunction with one other college rental property (26 Tricor Avenue, with 8 bedrooms) but are open to selling the properties individually as well. A new lease is being signed at $6,000/mo through May 2023, delivering a 7.4% cap rate. Combined cap rate for both buildings of 7.2%. Financials available upon request.

More Info

Basic Information

  • Acreage0.21
  • Broker ID517
  • Broker NameNew Paltz Properties
  • List Price$659,000
  • MLS Number20220209
  • MlsStatusACTIVE
  • Property StyleSplit Level
  • Property TypeSingle Family
  • Square Feet2,200
  • WaterMUNICIPAL

Amenities

  • Other AmenitiesBasement, Fireplace

Location

  • Address64 Elting Avenue
  • Area TownNEW PALTZ
  • Building Number64
  • High School DistrictNew Paltz Central
  • StateNY
  • StreetElting
  • Street DesignationAvenue
  • TownNew Paltz
  • Zip12561

Utilities

  • Heat SourceBASEBOARD
  • Heating FuelOIL
  • Hot WaterCOIL

Building

  • Garage Spaces
  • Garage TypeNone
  • Sqft 1st1200
  • Year Built1991

Interior

  • Bathroom3
  • Bedroom 2 Level1
  • Bedroom 3 Level1
  • Bedroom 4 Level1
  • Bedrooms7
  • Dining Room Level1
  • Kitchen Level1
  • Living Room Level1

Other

  • Lot11.2
  • Lot Dimensions0.21 acres
  • Short SaleNo
  • View Count19

New Paltz, NY Demographics

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New Paltz, NY Real Estate Market Data

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New Paltz, NY Schools

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