5759 Ny-23a, Tannersville, NY 12485

Property Description

Positioned at the east entrance to Tannersville, this 11 unit mixed-use building sits on a prominent corner lot directly across from Town Hall, serving as a gateway property into one of the Catskills' most active four-season markets. Held by the same ownership for over 35 years, opportunities of this scale and consistency rarely come available in this immediate area. The building consists of 9 residential apartments and 2 commercial office suites, offering a diverse and functional unit mix of 3 one-bedroom apartments, 3 studio apartments with lofted sleeping areas, and 3 traditional studio units. All units are currently rented on a month-to-month basis, providing immediate income with the ability to adjust rents over time. The property generates approximately 117k in annual gross income, with operating expenses around 49k, resulting in a net operating income near 68k. At the current asking price, this equates to an approximate 7.8 cap rate, positioning the asset competitively for investors seeking both yield and upside. Set across four levels, including a lower-level basement with additional apartments, the building offers an efficient layout with multiple access points. The property is serviced by municipal water and sewer, has a new roof and benefits from ample off-street parking, a key feature for both residential and commercial tenants. Located just minutes to Hunter Mountain and within walking distance to Main Street, shops, dining, and local amenities, the property is ideally positioned to capture steady, year-round rental demand. Its proximity to North and South Lake, Kaaterskill Falls, and surrounding hiking trails further enhances its appeal. This is a proven, income-producing asset with a strong rental history, consistent occupancy, and clear upside potential through rent optimization and leasing of the commercial suites. A rare offering in a tightly held market, well suited for investors looking to establish or expand in the Catskills.