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Multifamily

Emerald Pond Estates

200 S Main St, Ellenville, NY 12428

Listing Price: $11,000,000

Number of Units
103
Price/Unit
$106,796
Price/Gross SF
$112.33
Gross SF
97,924

Investment Overview

Marcus & Millichap, as Exclusive Agent, is pleased to present Emerald Pond Estates, a garden-style apartment complex comprised of seven buildings with a total of 103 apartments. The complex was built in 1973 and is approximately 97,000 square feet situated on 5.66 acres. Emerald Pond Estates provides an extremely compelling value add investment opportunity with favorable in-place financing combined with significant organic rent growth embedded in the current leases; 20% loss to old lease based on actual realized new leases. Twenty units were redeveloped in 2018, but the remaining units would all benefit from light cosmetic improvements affording even further upside in revenue. Current ownership has also embarked on a major capital improvement project replacing all the vinyl siding, windows, doors and shades, leaving an investor the freedom to focus on revenue enhancing unit and site improvements and marketing. Ellenville is a hub for southwestern Ulster County with a stable employment base with three correctional facilities, Ellenville Regional Hospital and numerous national and necessity retailers located nearby. Additionally, Cresco Labs recently announced it would be commencing construction of a new marijuana processing facility creating almost 400 well-paying jobs immediately proximate to Emerald Pond Estates.

Investment Highlights

  • Attractive Assumable Financing Available
  • Value Add Opportunity, $350,000 loss to lease
  • Approximately $1 Million in Recent Capital Improvements Including New Siding, Windows and Doors Completed as of December 2022 on all Buildings
  • On-Site Leasing and Management Office
  • 99 Miles from NYC and 81 Miles from Albany
  • Stable Employment Base with Recent Significant Economic Investment in Ellenville

Exclusively Listed By

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, CT: REB.0239741, NJ: 9210310

    Westchester

  • Matthew Gault

    Licensed Real Estate Salesperson

    (914) 220-9745

    Email Matthew

    License(s): NY: 10401313423

    Westchester

  • James Egan

    Licensed Associate Real Estate Broker

    (914) 220-9749

    Email James

    License(s): NY: 10401303445, NY: 10301220528

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

Financing By

Multifamily

Emerald Pond Estates

Listing Price: $11,000,000

Number of Units
103
Price/Unit
$106,796
Price/Gross SF
$112.33
Gross SF
97,924

Investment Highlights

  • Attractive Assumable Financing Available
  • Value Add Opportunity, $350,000 loss to lease
  • Approximately $1 Million in Recent Capital Improvements Including New Siding, Windows and Doors Completed as of December 2022 on all Buildings
  • On-Site Leasing and Management Office
  • 99 Miles from NYC and 81 Miles from Albany
  • Stable Employment Base with Recent Significant Economic Investment in Ellenville

Investment Overview

Marcus & Millichap, as Exclusive Agent, is pleased to present Emerald Pond Estates, a garden-style apartment complex comprised of seven buildings with a total of 103 apartments. The complex was built in 1973 and is approximately 97,000 square feet situated on 5.66 acres. Emerald Pond Estates provides an extremely compelling value add investment opportunity with favorable in-place financing combined with significant organic rent growth embedded in the current leases; 20% loss to old lease based on actual realized new leases. Twenty units were redeveloped in 2018, but the remaining units would all benefit from light cosmetic improvements affording even further upside in revenue. Current ownership has also embarked on a major capital improvement project replacing all the vinyl siding, windows, doors and shades, leaving an investor the freedom to focus on revenue enhancing unit and site improvements and marketing. Ellenville is a hub for southwestern Ulster County with a stable employment base with three correctional facilities, Ellenville Regional Hospital and numerous national and necessity retailers located nearby. Additionally, Cresco Labs recently announced it would be commencing construction of a new marijuana processing facility creating almost 400 well-paying jobs immediately proximate to Emerald Pond Estates.

Exclusively Listed By

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, CT: REB.0239741, NJ: 9210310

    Westchester

  • Matthew Gault

    Licensed Real Estate Salesperson

    (914) 220-9745

    Email Matthew

    License(s): NY: 10401313423

    Westchester

  • James Egan

    Licensed Associate Real Estate Broker

    (914) 220-9749

    Email James

    License(s): NY: 10401303445, NY: 10301220528

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

Financing By

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