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16-18 Waldron Ave 29 Unit Apartment Building $11,208,430 CAD ($386,498 CAD/Unit) 6.53% Cap Rate Nyack, NY 10960
Investment Highlights
- Free-market apartment complex with no rent control in Rockland County.
- Significant recent upgrades to kitchens, bathrooms, and building systems.
- Strategically located near major highways, bridges, and public transit, connecting to Central Nyack and greater New York metropolitan area.
- Two buildings totaling 29 units positioned near Route 59 for exceptional access.
- Ample tenant amenities including laundry, storage rooms, outdoor recreation, and updated common areas.
- Strong operational performance with upside potential and stable tenancy mix.
Executive Summary
The Residences at Riverhill 59 offer a compelling investment opportunity in Central Nyack within Rockland County, featuring 29 free-market residential units. The property spans two garden-style walk-up buildings set over approximately 1.58 acres, providing a well-maintained, income-producing asset. Originally built in the 1970s with brick and wood-frame construction, the complex has undergone consistent upgrades, including modernized kitchens, stainless steel appliances, updated baths, and hardwood flooring. Renovated interiors feature LED lighting, new windows, and efficient heating systems.
With a favorable unit mix of one-, two-, and three-bedroom configurations and ample parking—approximately 60 spaces—the property supports long-term tenant retention. Investors benefit from strong in-place NOI of $521,754 and projected upside with a gross rent roll of $870,000. Located just off Route 59 and minutes from the Governor Cuomo Bridge, the site boasts proximity to major retail, employment hubs, and regional transportation, enhancing its rental demand profile.
With a favorable unit mix of one-, two-, and three-bedroom configurations and ample parking—approximately 60 spaces—the property supports long-term tenant retention. Investors benefit from strong in-place NOI of $521,754 and projected upside with a gross rent roll of $870,000. Located just off Route 59 and minutes from the Governor Cuomo Bridge, the site boasts proximity to major retail, employment hubs, and regional transportation, enhancing its rental demand profile.
Property Facts
| Price | $11,208,430 CAD | Building Class | B |
| Price Per Unit | $386,498 CAD | Lot Size | 1.54 AC |
| Sale Type | Investment | Building Size | 40,448 SF |
| Cap Rate | 6.53% | Average Occupancy | 75% |
| No. Units | 29 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 1.87/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-10 Medium-High Density - R-10 Medium-High Density | ||
| Price | $11,208,430 CAD |
| Price Per Unit | $386,498 CAD |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.54 AC |
| Building Size | 40,448 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.87/1,000 SF |
| Zoning | R-10 Medium-High Density - R-10 Medium-High Density |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 29 | - | 975 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 392089-065-012-0002-006-000-0000 | Improvements Assessment | $1,094,762 CAD |
| Land Assessment | $84,449 CAD | Total Assessment | $1,179,211 CAD |
Property Taxes
Parcel Number
392089-065-012-0002-006-000-0000
Land Assessment
$84,449 CAD
Improvements Assessment
$1,094,762 CAD
Total Assessment
$1,179,211 CAD
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16-18 Waldron Ave
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