Brick 3 family property in historic Port Schuyler area with each unit boasting historic detail and ornamental fireplaces.
The basement has a side entrance, a brick-paved patio, one bedroom with a den alcove, and a gated wooden fence for added privacy.
On the 2nd and 3rd floors, tenants enjoy decks that overlook the historic Erie Canal site, now transformed into a vibrant community park.
The 3rd floor is equipped with separate utilities and a small second bedroom, adding convenience and flexibility.
Conveniently located close to highways, the charming Schuyler Bakery, and the renowned Valenti’s, residents can enjoy easy access to amenities.
Earl advised that tenants consistently pay rent on time ensuring a steady income stream for the property.
He also provided the following information below:
There is massive demand for sub-$1000 apartments in this area. The middle unit has housed the same tenant since approximately 2011 and is currently rented well below market rates, but necessitates substantial renovation. Due to a commitment to not displace tenants for the sake of gentrification, there are no immediate plans to relocate the tenant or renovate his unit which would then require raising his rent to match market rates. Moreover, for tenant’s personal preferences, he will likely remain a renter in this building indefinitely.
Should the opportunity to renovate Floor 1 arise, a governance vote may be proposed for a capital call to renovate this unit and bring its rent up to market levels, which is currently around $960.
Annual rent increases of approximately 2-4% are implemented in the tenants’ leases, to maintain fairness and keep pace with inflation while gradually approaching market rates. The intention is not to drastically raise rents but to account for rising costs of utilities, insurance, maintenance, and repairs, while ensuring that the property remains appropriately valued.
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