18 Waldron AveNyack, NY 10960

This exceptional investment opportunity presents a 29-unit apartment building located at 18 Waldron Ave, Nyack, NY 10960, in Rockland County. The property, comprised of two two-story buildings, offers a mix of two and three-bedroom units, boasting a current occupancy rate of 95% as of November 1, 2024. Recent renovations in 2023 enhance the property's appeal, and the all-brick construction ensures durability. The property features 60 parking spaces, a significant advantage in this market. Currently generating a Net Operating Income (NOI) of $516,500, with a pro-forma NOI projected at $560,000, this translates to a current cap rate of 6.46% and a pro-forma cap rate of 7.00%. The asking price is $8,000,000, representing a price per unit of $275,862.07. The property benefits from gas heating systems and municipal water. Many units are currently leased below market rates, presenting a significant opportunity for increased revenue. The convenient location, near the Tappan Zee Bridge and Route 59, provides easy access to Nyack Hospital and major commuter routes. This is a value-add opportunity with potential for rent increases and additional income from parking. The property is classified as Class B and is currently under the ownership of Riverhill 59 LLC. This is a rare find in the Rockland County market, particularly given the absence of rent controls. The property is ideally suited for 1031 exchange buyers seeking non-regulated buildings. Additional multifamily properties are available for qualified buyers.