- Location: corner of North 3rd Street and State Street in the City of Hudson, NY (northern Hudson Valley)
- A 10 minute walk from the Hudson Amtrak station, 2 hours north of New York City, and 40 minutes south of Albany
- Zoned as a Rooming House in the City of Hudson with 1 commercial space, 3 apartments, and 4 Studio apartments (presently there is no Certificate of Occupancy)
- 6,354 Sqr ft with an 8 car parking lot in the back
- Originally built in 1864 as a single family home, it was divided into apartments during The Great Depression, and has remained that way since
- In January 2018, there was an electrical fire in the attic. The entire building has been gutted and secured for a complete 21st century overhaul (she will need new plumbing, electrical, HVAC, insulation, drywall, repaired roof, and the paint of your choice)
This is a great investment opportunity for anyone that can dream big and make it happen. I renovated it for 4 years, all the while running it as an airbnb during tourist season, and as a short term rental house for transient workers during the winter. By year four, it grossed over $100k/year and I was the lowest priced place to stay in Hudson at the time (namely because it wasn’t new and shiny, but quaint and shabby chic). With a new interior and an exterior facelift, there should be absolutely no reason anyone couldn’t gross over $200k/year.
Imagine living in one apartment, utilizing the commercial space for your business, and renting the rest of the house out as either long term or short term. OR, because it is zoned as a rooming house, hire a manager for the building and rent everything out! The possibilities are endless.
Why am I selling? Three reasons.
- First and foremost, I have fallen in love with my farm, and i want to develop it into all that it can be. This takes a lot of time and money. My life as a hotelier was time consuming, and didn’t allow me to fully focus on my home, and my newly found love and partner.
- I had my entire life savings dumped into 3rdState, and after the fire, I didn’t have enough assets to pay for the renovation.
- My original plan from the outset was to sell the property after year 5. The fire happened 6 days into year 5. I think it was a sign.
I bet you are wondering what I’m asking for it by now. The kicker is that i’m not asking for a profit. I just want my investment back, which totals $450,000. I have a mortgage of $150k, I bought it for $150k, and I invested $150k. The property was assessed by a broker before the fire at $850k (and that’s with all the old interior). I was told that with a completely new interior and an exterior facelift, the property could sell for $1,200,000. Why so high you ask? “The Maker” is 2 blocks away, and the neighborhood has shifted into an upper middle class area, rather than the lower income neighborhood when it was purchased.
Asking Price $450k. Willing to negotiate, hold note, supervise, partner up . . . LETS DO THIS!
Want to see the present interior? click HERE!