New build 2-family building in Kerhonkson – a unique opportunity for an investor or anyone who wants to spend all or part of their time in this area while offsetting their costs with significant rental income OR dedicating one floor to home offices, guest space, etc.
Each unit is comprised of 3 bedrooms and 2 bathrooms and, at 1,344 sq ft per floor, provides a ton of room and flexibility for living comfortably in bright, comfortable spaces full of modern finishes, fixtures, and features. Central AC throughout, Nest thermostats, on-demand tankless water heaters, laundry room with washer/dryer in each apartment, stainless steel appliances in the kitchen, electronic key entry, and sound insulation between floors are just the tip of the iceberg! Each unit has its own outdoor space and off-street parking – and the entrances are from two different streets, giving an additional sense of privacy.
Perfectly situated in Kerhonkson (and with particularly nice views of the Catskills from the top unit), the house is less than 1/4 mile to an entrance to the O&W Rail Trail (lovely for walking, biking, horseback riding, cross-country skiing) and just minutes from Minnewaska State Park and the Mohonk Preserve. It's a short distance from all of the popular farm-to-table spots in Kerhonkson and Accord, 15-20 minutes to shops and dining in New Paltz, Stone Ridge, High Falls, and Rosendale, and just 1.5 hours from NYC. This property would easily attract visitors (both long-term or short) coming to region for all kinds of reasons including the wide range of outdoor activities, weddings, and more.
The projected gross income for a full-time Airbnb with 75% occupancy would be close to $137,000 (22% cap rate) but for a long-term unfurnished rental, it would be approximately $55,000 (7.4% cap rate) and with fewer costs and maintenance. Happy to provide more information regarding projected income and expenses to any interested parties!
Listed by Danny Romero and Megan Brenn-White, Real Estate Agents, The Upstate Real Estate Team of Keller Williams Realty Hudson Valley North.
Note: Construction is expected to be done by Nov 10. Grounds have been roughly graded and seed and hay have been added for grass. Property taxes are based on current assessed value for vacant land. Buyer to verify all pertinent information including taxes and square footage.
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