Super centrally located in Rosendale (and, super easy with municipal water & sewer), this property features a 3-bed / 1-bath house and 2 additional 1-bed / 1-bath cottages and would be ideally suited for someone wanting to live in the main house while generating income from the 2 cottages (or, using for guests) or for anyone looking for a multi-family investment property.
The three buildings sit on 5 acres across from the Rondout Creek and include plenty of parking adjacent to the main house and in the area between the house and the cottages. The main house (1,184 sq ft) includes a living room and open kitchen on one end of the house and one bedroom on the other end with potential to open up the ground floor bedroom and increase the living space on the ground floor. The main entry to the house is in the front with an additional entry in the back which opens out to the rear yard. Upstairs, two bright bedrooms with wide plank wood flooring sit on opposite ends of the home with a full bathroom in between.
Cottage #584 (638 sq ft) is the smaller of the two additional cottages and includes a generous wood deck. The layout consists of a kitchen at the entry that flows into the dining space and into the adjacent living room area. Completing the layout is a large full bathroom and bedroom which is bright and has glass doors that open out to a small yard behind the cottage – an ideal spot for a small patio or garden.
Cottage #582 (661 sq ft) sits right on the road and is the larger of the two additional cottages with a its layout spread over two floors. The ground floor includes the living, dining, and kitchen, has wood flooring and beams throughout, and includes a fireplace with a gas line connection (perfect for a gas stove insert). A bedroom and full bathroom are on the second floor and a convenient washer/dryer hookup lives in a closet at the entry. The walkout basement is clean and dry and adds a lot of additional storage.
Perfectly situated just 1 minute from all of the shops, restaurants, movie theater, and farmer’s market right on Main Street and the Rosendale Trestle and Wallkill Valley Rail Trail as well as hiking at the Mohonk Preserve Giant’s Ledges. The property is just 5 minutes to more great restaurants and shops in High Falls, 10 minutes to Stone Ridge and New Paltz, 15-20 minutes to Kingston, all of the popular farm-to-table spots in Kerhonkson & Accord, more hiking at Minnewaska State Park, and just 90 minutes to NYC (and only a 5-min drive to the frequent Trailways bus to/from the city!).
Current tenants are paying below market rents. The projected gross income for a full-time Airbnb with 75% occupancy would be close to $150,000 (22.9% cap rate) with potential for more income with just a few cosmetic updates. For a long-term unfurnished rental, it would be approximately $52,200 (7% cap rate) and with fewer costs and maintenance. Happy to provide more information regarding projected income and expenses to any interested parties!
Listed by Danny Romero and Megan Brenn-White, Real Estate Agents, The Upstate Real Estate Team of Keller Williams Realty Hudson Valley North.
Note: Buyer to confirm all pertinent information including square footage, property taxes, and short term rental restrictions.
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