20 Clover WayPoughkeepsie, NY 12601

Property Details for 20 Clover Way

Year built

1861

Lot size

5.10 AC

Property size (Sq ft)

13,663 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained, 8-unit apartment building known as Clover Way Estates, situated on a sprawling 5.1-acre lot at 20 Clover Way, Poughkeepsie, NY 12601. The property comprises three buildings, each boasting a unique blend of townhome and duplex-style apartments, ranging in size from 650 to 3,300 square feet. The unit mix includes three 3-bedroom units, one 2-bedroom unit, and four spacious 4-bedroom units, offering a diverse range of living spaces to cater to a wide array of tenants. Built in 1861 and renovated in 2016, the property features a total of 13,663 square feet and provides ample parking with 20 spaces. Currently operating at 100% occupancy (as of July 1, 2024), the property generates a strong NOI of $128,770, with a pro-forma NOI projected at $145,446, reflecting a 7.57% current cap rate and a projected 8.56% pro-forma cap rate. The asking price is $1,700,000, translating to $124.42 per square foot and $212,500 per unit. This fee-simple ownership presents a compelling value-add opportunity, with potential for further development on the expansive lot, allowing for the addition of units, garages, or other desirable amenities. The property's current high occupancy and strong cash flow, coupled with its significant upside potential, make it an attractive investment for discerning buyers. The property's location in Dutchess County offers a desirable lifestyle and strong rental market.

Location Insight

City

Poughkeepsie

County

Dutchess

State

New York

Latitude

41.6754

Longitude

-73.9314

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