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764-766 Mountain Avenue

Cairo, NY 12413
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Bed 24

Bed

Bath 16

Bath

SqFt10,880

Sqft

Acres2.10

Acres(Lot)

Situated in the highly desirable hamlet of Round Top within the Town of Cairo, this 16-unit multifamily property presents a rare opportunity to acquire a well-positioned asset with significant upside potential. The property consists of two residential buildings offering a diverse mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential. Current ownership has invested extensively in the asset over the past five years, completing a comprehensive capital improvement program that has substantially reduced deferred maintenance and laid the foundation for future income growth. Major upgrades include a reconstructed water system, electrical improvements, new roofing, parking and drainage enhancements, professional landscaping, exterio r repairs, and a renovated on-site laundry facility. Other improvements include a brand new septic system designed by engineering firm Kaaterskill Associates. Numerous apartment interiors have also been modernized with updated flooring, kitchens, bathrooms, appliances, fixtures, water heaters, and other unit-specific improvements, positioning the property to compete more effectively within the local rental market. The property's most compelling feature is its substantial value-add potential. Several units remain leased below projected market rents, creating a clear path to increased cash flow through strategic rent optimization. The property is projected to achieve an approximate 9 cap rate upon stabilization at market rents. Additional revenue is generated through the on-site laundry facility, further enhancing investment returns. The 6-unit building currently operates with landlord-paid utilities, while the 10-unit building benefits from tenant-paid electric and electric heat, offering a favorable utility structure and opportunities for continued operational efficiencies. Qualified buyers will have access to a complete due diligence package, including rent rolls, operating statements, projected market rents, and a detailed capital improvement history. Offering immediate scale, extensive completed capital improvements, and meaningful income growth potential, this is an exceptional opportunity to acquire a turnkey multifamily asset in one of the Catskills' most sought-after destinations.

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Detail Ic Property Details

Property Type : Residential Income

Price : $2,195,000

AD Id : 91435255

MLS Id : 20265589

Beds : 24

Lot Size : 2.10 Acres

Living Area Size : 10,880 Sq. Ft

Tax Amount : $28,568

Year Built : 1970

County : Greene

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Feature Features

  • Bedroom Information

    Total beds: 24

    Bathroom Information

    Total Baths: 16

    Room Information

    Has Basement: Yes Basement: Full
  • Flooring Information

    Vinyl
  • Roofing Information

    Asphalt, Shingle
  • Interior Features

    Roof: Asphalt, Shingle Appliances: Range, Refrigerator, Water Heater Laundry Features: Common Area, Lower Level
  • Heating & Cooling

    Has Heating: Yes Heating: Electric, Propane

  • Building Information

    Year Built: 1970 Building Area Total: 10880 Construction Materials: Frame, Vinyl Siding Stories: 2 Patio And Porch Features: Deck, Porch Pool Features: None Private Pool: No View: Rural
  • Exterior Features

    Exterior Features: Balcony

  • Lot Information

    Main Square Feet: 2.1 Acres Lot Size Acres: 2.1 Lot Size Square Feet: 91476 Lot Description: Back Yard

  • Listing Price Information

    Listing Price: $2195000

  • Tax Information

    Parcel Number: 100.19-1-18.2 Tax Lot: 18.2 Tax Block: 1 Tax Year: 2026 Annual Tax: $28568

  • Parking Information

    Off Street, On Site, Paved

  • Utility Information

    Cable Available, Electricity Connected, Sewer Connected, Water Connected
  • Location Information

    WaterSource: Private, Well
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
460 Main Street, Cairo, NY, 12413 $124,900 3 -- 3,003 0.27 Acre
40 Lake Mills Road, Cairo, NY, 12413 $129,000 -- -- 3,420 2.25 Acres
526 Mountain Avenue, Cairo, NY, 12413 $465,500 10 -- 4,953 1.48 Acres
233 Edison Timmerman Road, Cairo, NY, 12413 $579,000 5 3 2,376 2.69 Acres

The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Ulster County Board of REALTORS®. IDX information is provided exclusively for consumers' personal, non - commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright ©2026 Ulster County Board of REALTORS®, Inc.

ByOwner last updated this listing 10/10/2026 @ 20:08

MLS: 20265589 LISTED BY: Natasha Witka, Century 21 New West SOURCE: Hudson Valley Catskills Region Multiple List Service (Ulster County Board of REALTORS)

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