We are pleased to present for sale a 7 building package located Albany's Pine Hills Neighborhood. The 7 properties are comprised of a total of 23 apartment units and 5 off street parking spaces, all with in walking distance of each other for easy management. The unit mix is a combination of(7) Studios (7) 1Bd/1Ba (5) 2Bd/1Ba and (4) 3Bd/1Ba, (see rent roll section for individual building breakdowns) with rents ranging from $599-$1680 with tremendous opportunity for rent upside and also utility separation to reduce utility expenses showing a conservative pro-forma cap rate of above 13%. The properties have been owned and managed by the same operator for close to 30 years and have enjoyed stabilized cash flow and low vacancy rate through out the years. The next investor just needs to step in and enjoy the same success. The property is located in the Pine Hills section of Albany also known as Mid-Town and is home to two major colleges (College of St Rose and SUNY Albany City Campus) as well as the famed Washington Park. Other nearby colleges to mention also include Albany Medical Center, Albany Law, Albany School of Pharmacy and Russell Sage. Western Ave and Madison Ave (NY Rt-20) are the main throughfares in the neighborhood that supports the residential component with grocery services, restaurants, shops, nightlife and public transit. From either of these streets you can access major highways and are major arteries for the City of Albany in general. The portfolio asset is being offered for $1,449,000 which is a true value considering the individual market values for each building is closer to $1,700,000. From a cap rate perspective this portfolio is very attractive with a blended rate of 11.36% and true cap of 9.54% (pro-forma 13%+) and handsome cash on cash return of 13.39%. An investor would most certainly enjoy stabilized cashflow, great locations for easy management, and instant equity from purchase price versus market rate price on all 7 properties. Don't hesitate this portfolio will sell fast!
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