1 Loralee Drive, Colonie, NY 12205

Property Description

Fully rented. $4,050/month in gross rental income. Generate revenue from Day One. Owner financing may be considered for qualified buyers with 50% down. This Village of Colonie three-family offers an established revenue stream from the start. All three units are occupied and generating $4,050 per month / $48,600 annually in gross rental income. Unit 1 rents for $1,400/month with a long-term month-to-month tenant who shares the cost of heat with the sellers. Units 2 and 3 rent for $1,200 and $1,450/month respectively, with signed one-year leases and options to renew for an additional year. Sellers have also had the property pre-inspected, providing buyers with valuable information upfront and removing some of the guesswork. Unit 1 is a first-floor 2 BR, 1-bath apartment with washer/dryer hookups. Unit 2 offers 1 BR, 1 bath, new appliances, an adjoining bonus room ideal for an office, nursery or walk-in closet, plus a new stackable washer and dryer. Upstairs, Unit 3 offers 2 BRs and 1 bath and has recently been improved with new kitchen cabinets, a new range hood, new lighting, and new flooring in the living room and both bedrooms. Outside, the property sits on a .30-acre corner lot with paved off-street parking for up to 8 vehicles. Located in the South Colonie School District with Saddlewood Elementary at the end of the street, the property is convenient to shopping, restaurants, Albany International Airport, hospitals and major highways. For buyers looking to add an income-producing property to their portfolio, 1 Loralee Drive offers immediate revenue with tenants already in place