Renovated Apartment Product
Bright interiors, updated kitchen finishes, ensuite bedroom layouts, in-unit laundry evidence, and multiple finished bath/kitchen views.
23-25 Highland Avenue
Kerhonkson, NY 12446
List price $1,100,000
Renovated small multifamily opportunity positioned as four rentable 3-bedroom apartments with strong rent evidence and an investor-ready asking price.
4
Rentable apartments
12
Total bedrooms
8
Total baths
$1.1M
List price
Investment Thesis
Listed at $1,100,000 with stabilized income asset framing.
Current unit-level evidence supports a materially different story than the 2022 public sale. The property is now presented at a $1,100,000 list price through a blended sales-comparison and income approach, with final buyer diligence focused on legal unit, rent roll, utility, tax, and operating-expense verification.
List price
$1,100,000Rent-supported read
$1M+Parcel profile
0.86 acresKerhonkson Multifamily Scarcity
True four-unit, twelve-bedroom local comps are limited, which supports a broader Ulster County multifamily benchmark set.
Rent-Supported Valuation
Current rental evidence near $2,650 per unit supports a gross scheduled rent analysis above the $1M threshold.
Local Area
Outdoor access, Main Street dining, and Accord weekend destinations.
The Route 209 and Shawangunk Ridge corridor gives the property a practical renter and owner-operator amenity story.
Outdoor Recreation
Minnewaska State Park Preserve anchors the Kerhonkson outdoor market, while Mohonk Preserve adds year-round hiking, climbing, biking, running, riding, skiing, and snowshoeing.
Kerhonkson Dining
Mill & Main brings seasonal American fare with Latin, Caribbean, and Italian influence; Flying Goose adds a Main Street tavern with cocktails, local beer, pizza, and a creekside backyard.
Breweries & Farm Stops
Rough Cut Brewing sits in Kerhonkson near the ridge preserves, while nearby Accord adds Arrowood Farms, Westwind Orchard, Saunderskill Farms, and other farm-market destinations.
Family & Weekend Traffic
Kelder's Farm adds a Kerhonkson family-attraction draw with U-pick, farm activities, food, and seasonal events, strengthening the property’s short-drive appeal beyond pure hiking.
Income Sanity Check
Gross scheduled rent indication around $127,200 per year.
Monthly rent indication
$2,650 x 4 $10,600/monthExpense / vacancy load
35%-40% NOI approx. $76K-$83KValue at 6.5%-7.5% cap
$1.01M-$1.28M Before final diligenceInterior Gallery
Clean apartment finishes with investor-ready presentation.
Click any image to review the larger frame.
Broker Diligence
Top-end pricing depends on clean records.
The value case should be finalized only after confirming whether 23 and 25 Highland operate as one economic asset and whether all units are legally complete, rentable, and separately marketable.
- Legal unit count and certificate of occupancy status
- Parcel mapping, deed history, and municipal records
- Rent roll, lease terms, deposits, and occupancy timing
- Taxes, insurance, utilities, and owner-paid exposure
- Operating statements and normalized expense assumptions
Property Inquiry
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