The Belvedere: Kingston, NY
About The Property
The Belvedere is an intriguing opportunity for an investor or owner-occupant in the vibrant center of Kingston NY. Located in the midtown arts district, this detached woodframe building offers two quiet and comfortable units. Both units feature original hardwood floors, high ceilings and share a beautiful fenced backyard with stone patio, gardens, and antique mini barn/shed. Original character, like tin ceilings, french doors, and stair banisters remain intact in this updated and fully-occupied two-family. Ideally set on a quieter side street, sidewalks link to the midtown linear park located mere steps from the building. And there is parking for at least two cars in the private driveway, and additional street parking is readily available.
The upper unit is accessed privately from the buildings front entrance, and enjoys exclusive use of the vestibule, making a great mud room. Up the original wooden staircase is a 779sf 2 bedroom, 1 bathroom apartment with a sunporch, double balconies, refreshed kitchen and bath, and 273sf of bonus space in the finished walk-up attic. A stair from the rear balcony leads down to the delightful shared back yard with fruit trees, rose bushes, and flower beds. The lower unit, accessed from a separate entrance on the first floor side porch, is a 769sf 1 bedroom, 1 bathroom unit with tin ceilings, french doors, and wall-to-wall built in closets. This unit features an approximately 100sf bonus room that could be used as an office, kids room, or storage. This unit enjoys direct access to the rear patio, as well as a covered porch tucked away privately on the front corner of the building, as well. Both units share basement access, with coin-operated laundry machines.
Recent updates include a new shared boiler (2021), new gutters (2023), new stove in upper unit (2021), new washer/dryer (2021), new electric panel for lower unit (2021), and the upper roof is just 10 years old. Separate electric meters and propane tanks for each unit mean tenants pay their own electric & cooking gas. Landlord pays taxes, water/sewer, heat, and hot water. The building is centrally-located, just a block from popular establishments along the Broadway promenade like Dear Kingston, Tilda’s Kitchen, Westkill Supply, We Got the Juice, Broadway Lights Diner, Masa, Tubby’s, UPAC, Village Coffee, and the YMCA.
What more could you ask for: established moneymaker with additional upside to capture, in a strong rental market. Tenants each just signed one year leases at current market rates, so building will convey fully-occupied at an 8% Cap Rate. Showings require prequalification or proof of funds.
16 Belvedere STreet, Kingston NY 12401
DETAILS:
Units: Two (1br/1ba, 2br/1ba)
Bedrooms: 3
Bathrooms: 2
Square feet: 1,849
Acreage: .09
Built: 1920
Heat: Baseboard radiator
Fuel: Natural gas
Hot Water: Natural gas
Roof Age: 10 years
Cell Service: Excellent
Internet: Comcast
CAP Rate: 8%
Rent Roll: Available by request
City: Kingston
County: Ulster
SBL: 48.333-6-16
Taxes: Town/Co: $1,920; School: $3,182
MLS #s: 6257753 & 20231896
Listing price: $339,000
Sold price: $368,000
