11-13 Olev Lane, New Paltz, NY 12561

Property Description

Rare five-family investment opportunity situated on 53.5 acres in New Paltz. The property includes two separate residential buildings, multiple income-producing apartments, and a multi-bay garage, offering immediate rental income with additional long-term upside. The main residence features a distinctive stone exterior, covered porch, multiple apartments, and generous living space across several levels. The second residential building contains additional apartments positioned above the garage. One garage bay is currently included with an existing apartment lease, while the remaining bays may provide future rental or storage income. Both roofs have been replaced recently. The apartments are occupied under a combination of term leases and a month-to-month tenancy. Tenants pay their own electric and heating expenses. Each residential building is served by its own designated septic system, and the property is served by private water. The substantial acreage includes both open and wooded land, providing flexibility for a range of potential long-term uses. Solar companies have previously approached the seller regarding leasing a portion of the property. The seller chose not to enter into an agreement before listing, allowing the next owner to evaluate the opportunity independently. Letters of interest and company information may be made available upon request. The property may also offer potential for additional residential buildings, accessory structures, subdivision, or alternative land uses. Any future use or development would be subject to independent buyer due diligence and all applicable zoning, planning, environmental, access, utility, and municipal approvals. Conveniently located near SUNY New Paltz, the Village of New Paltz, major state routes, and the New York State Thruway, this property combines established rental income, significant acreage, recent capital improvements, and multiple avenues for future value creation. All rents, expenses, leases, acreage, property characteristics, and potential uses should be independently verified by the purchaser.