764-766 Mountain Avenue, Cairo, NY 12413
Local realty services provided by:CENTURY 21 New West Properties
764-766 Mountain Avenue,Cairo, NY 12413
$2,195,000
- 24 Beds
- 16 Baths
- 10,880 sq. ft.
- Multi-family
- Active
Listed by:
Office: century 21 new west
MLS#:20265589
Source:NY_MLSUC
Price summary
- Price:$2,195,000
- Price per sq. ft.:$201.75
About this home
Situated in the highly desirable hamlet of Round Top within the Town of Cairo, this 16-unit multifamily property presents a rare opportunity to acquire a well-positioned asset with significant upside potential. The property consists of two residential buildings offering a diverse mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential.
Current ownership has invested extensively in the asset over the past five years, completing a comprehensive capital improvement program that has substantially reduced deferred maintenance and laid the foundation for future income growth. Major upgrades include a reconstructed water system, electrical improvements, new roofing, parking and drainage enhancements, professional landscaping, exterior repairs, and a renovated on-site laundry facility. Other improvements include a brand new septic system designed by engineering firm Kaaterskill Associates.
Numerous apartment interiors have also been modernized with updated flooring, kitchens, bathrooms, appliances, fixtures, water heaters, and other unit-specific improvements, positioning the property to compete more effectively within the local rental market.
The property's most compelling feature is its substantial value-add potential. Several units remain leased below projected market rents, creating a clear path to increased cash flow through strategic rent optimization. The property is projected to achieve an approximate 9 cap rate upon stabilization at market rents. Additional revenue is generated through the on-site laundry facility, further enhancing investment returns.
The 6-unit building currently operates with landlord-paid utilities, while the 10-unit building benefits from tenant-paid electric and electric heat, offering a favorable utility structure and opportunities for continued operational efficiencies.
Qualified buyers will have access to a complete due diligence package, including rent rolls, operating statements, projected market rents, and a detailed capital improvement history.
Offering immediate scale, extensive completed capital improvements, and meaningful income growth potential, this is an exceptional opportunity to acquire a turnkey multifamily asset in one of the Catskills' most sought-after destinations....
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Home facts
- Year built:1970
- Listing ID #:20265589
- Added:1 day(s) ago
- Updated:September 22, 2026 at 07:03 PM
Rooms and interior
- Bedrooms:24
- Total bathrooms:16
- Flooring:vinyl
- Basement:Yes
- Basement Description:Full
- Living area:10,880 sq. ft.
Heating and cooling
- Heating:Electric, Propane
Structure and exterior
- Year built:1970
- Building area:10,880 sq. ft.
- Lot area:2.1 Acres
- Construction Materials:Frame, Vinyl siding
- Exterior Features:Deck, Porch
Utilities
- Sewer:Septic tank
Finances and disclosures
- Price:$2,195,000
- Price per sq. ft.:$201.75
- Tax amount:$28,568
Parking
- Parking description:Off street, Paved
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