Grand-Ridge Assemblage

Grand Ridge Assemblage, Glens Falls, NY 12801

Rare 34-unit assemblage comprised of 4 separate parcels spanning 2.23 acres offered for sale in Glens Falls, NY. The assemblage is very closely grouped together with a huge +/- 1.85-acre contiguous piece fronting the west of Ridge St. and the remaining land directly across the road fronting the east of Ridge St. The assemblage consists of 4 buildings (9-unit, 4-unit, 17-unit and 4-unit), 1 barn structure, 2 private parking areas and beautiful park-like grounds providing serene areas for tenant enjoyment. Steady rental history and strong financials – this is a great opportunity for an investor looking for a solid performing multifamily asset with upside. The assemblage includes 190 Ridge St., 195 Ridge St., 45 William St, and 8 Lawton Ave - all located in Glens Falls, NY.

Asking $2,600,000

Asset Class: MultiFamily

34 Units

7.41% Cap Rate

2.23 Acres

Investment Highlights

Strong Rent Roll and NOI

  • Annual Pro-Forma Revenues of $305,100 projected for 2021 based on current Rent Roll.
  • 2021 Projected Net Operating Income (NOI) is $192,725.11.
  • NOI was calculated by taking into consideration estimated annual expenses (based off historical information), a 5% management fee, a 5% vacancy factor and 5% set aside for maintenance reserve.

Strong Tenant Base

  • Landlord has a meticulous screening procedure - which has led to a quality tenant base.
  • 0 non-paying tenants through COVID-19.
  • 0 pending evictions.

97% Leased

  • 33 of the 34 units are currently leased.
  • Very low turnover rate among tenants.

Landlord & Tenant Responsibilities

Landlord Responsibilities:

  • Taxes
  • Insurances
  • Trash Removal
  • Water/Sewer
  • Maintenance
  • Natural Gas (190 Ridge St. and 195 Ridge St.)

Tenant Responsibilities:

  • Rent
  • Utilities (Electric)
  • Utilities (Natural Gas at 45 William St. and 8 Lawton Ave)
  • Telephone/Cable/Internet
  • Renter's Insurance
  • Maintain interior of property

3-D Tour 1st Floor Unit - 195 Ridge

Check out Unit 1 in 3-D

View currently vacant unit 1 at 190 Ridge St. through sequential still images that have been stitched together to simulate the space for you virtually. All photos have been taken by Realize Brokers.

3-D Tour 1st Floor Unit - 195 Ridge

Check out a unit in 3-D

View Unit 1 in 3-D through sequential still images that have been stitched together to simulate the space for you virtually. All photos have been taken by Realize Brokers.

4K HD Drone Aerial Photo

Grand Ridge Assemblage from Above

4K HD Drone Aerial Photo

An important view is from above. Check out this magnificent piece of Property from above.

Municipal Parcel Information

Public Information and Reports

Download Municipal Reports and Information Derived from County Resources.

Virtual Showing

Hear from the Listing Agent

Listing Agent Nic Ketter discusses the opportunity at the 34-unit Grand Ridge Assemblage in Glens Falls, NY.

About the School District

Turf

About Glens Falls City Schools

Glens Falls City Schools provide K-12 public education for approximately 2,000 students living in the City of Glens Falls and part of the town of Queensbury within the Adirondack region of upstate New York.

The mission of the Glens Falls City School District is to provide a safe, positive and stimulating environment — one that fosters self growth, a passion for continuous learning, confidence and the ability to succeed in a changing world

About the Area

Glens Falls Real Estate

About The City of Glens Falls

The City of Glens Falls, with its rich cultural offerings including The Hyde Collection, a world-class art museum, The Charles R. Wood Theater home to Adirondack Theatre Festival and other year-round professional theater productions, a vibrant music scene, and a 5,000-seat sports and entertainment arena.

Take a stroll down Glen Street or drive our neighborhoods and you’ll see the architectural charm of the past preserved in many of our buildings and homes

Our Listing Team

Nic Ketter

Listing Agent

Licensed Real Estate Broker

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