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Multifamily

Historic Ardsley

198 Pawling Ave, Troy, NY 12180

Listing Price: $2,975,000

Cap Rate
6.10%
Number of Units
20
GRM
9.91
Occupancy
95.0%
Price/Unit
$148,750
Price/Gross SF
$293.10
Gross SF
10,150

Investment Overview

Historic Ardsley is a boutique apartment community located in the burgeoning city of Troy, NY. The property consists of twenty units and includes 2 micro units, 9 1 bedroom 1 bath and 9 2 bedroom 1 bath apartments, many with outdoor space.

The property was originally constructed in 1900 as a private mansion and has benefited from a number of renovations over the past two decades.

All but one of the units have received kitchen and bath upgrades with a contemporary feel, including stainless steel appliances, granite countertops and wood cabinets, while still retaining a historic charm that appeals to residents.

The property contains a laundry center and a surface parking lot that can accommodate all residents.

The current owner has historically focused on maintaining occupancy with rents well below comparable newer communities.

The Offering presents an excellent opportunity to obtain solid cash on cash returns with attractive current interest rates while still offering additional upside from future upgrades and more focused leasing.


Investment Highlights

  • Mostly renovated apartments with continued rent growth with additional upgrades
  • Property rents on an absolute basis are well below new units in Troy
  • Well maintained asset benefitting from ownership's focus on quality and service
  • Pristine quiet setting as well as modern convenience in an historic building
  • Troy has witnessed an urban renaissance over the past five years
  • Strong and stable local employers including RPI, Emma Willard school and Regeneron

Exclusively Listed By

Financing By

Listing Price: $2,975,000

Cap Rate
6.10%
Number of Units
20
GRM
9.91
Occupancy
95.0%
Price/Unit
$148,750
Price/Gross SF
$293.10
Gross SF
10,150

Investment Highlights

  • Mostly renovated apartments with continued rent growth with additional upgrades
  • Property rents on an absolute basis are well below new units in Troy
  • Well maintained asset benefitting from ownership's focus on quality and service
  • Pristine quiet setting as well as modern convenience in an historic building
  • Troy has witnessed an urban renaissance over the past five years
  • Strong and stable local employers including RPI, Emma Willard school and Regeneron

Investment Overview

Historic Ardsley is a boutique apartment community located in the burgeoning city of Troy, NY. The property consists of twenty units and includes 2 micro units, 9 1 bedroom 1 bath and 9 2 bedroom 1 bath apartments, many with outdoor space.

The property was originally constructed in 1900 as a private mansion and has benefited from a number of renovations over the past two decades.

All but one of the units have received kitchen and bath upgrades with a contemporary feel, including stainless steel appliances, granite countertops and wood cabinets, while still retaining a historic charm that appeals to residents.

The property contains a laundry center and a surface parking lot that can accommodate all residents.

The current owner has historically focused on maintaining occupancy with rents well below comparable newer communities.

The Offering presents an excellent opportunity to obtain solid cash on cash returns with attractive current interest rates while still offering additional upside from future upgrades and more focused leasing.


Exclusively Listed By

Financing By

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