Hudson, NYProperty Type: Multifamily
Size: 48 Units
- 48-Unit Garden-Style Apartment Community in the Hudson Valley, NY
- 100% Occupied with Significant Upside Potential - 11% Loss-to-Lease with Asking Rents Below Market
- Great Location - Just off of I-87, Across the Street from Jr/Sr High School
- The Town of Hudson has Become a Popular Tourist Destination - Shops, Galleries, Restaurants, Hotels
Marcus & Millichap is pleased to present the opportunity to acquire the Hudson Garden Apartments - 48 units in Hudson, Columbia County, NY. The community consists of 46 garden-style units plus two single family homes. The property is located on Henry Hudson Avenue, less than a mile from downtown Hudson and across the street from Hudson Junior and Senior High school. Hudson is located in the Hudson Valley/Catskill Region of New York, 125 miles north of New York City and 35 miles south of Albany, just off of I-87. Hudson has become a popular tourist destination, known for its shops, restaurants, and galleries on Warren Street. The city is commonly referred to as the Brooklyn of the Hudson Valley.
Strong Unit Mix & Spacious Residences
The offering consists of 46 units spread across four separate buildings, plus two single family homes, tucked away in a private community. There are 26 one-bedroom/one-bath units and 22 two-bedroom/one-bath units. The two single family homes are located along the front driveway of the property, and are rented at a significantly higher amount than the apartments. The spacious residences feature separate dinette/dining rooms, living room, ample closet space, and carpet throughout both the living rooms and bedrooms.
Value Add Opportunity
This opportunity offers investors a stable, fully-occupied property with significant upside potential. Currently, the property is operating with an 11% loss-to-lease between the actual rents and the current street rents. Further upside potential is possible with an upgrade to tenant spaces, including kitchens, baths, and exterior curb appeal. Additionally, there is a lack of quality class B housing in the local submarket. Class A rents in the submarket are double the current rent at the subject property.