238-240 Grand Street

Description

238–240 Grand Street is a six-unit multifamily investment, with approval for basement unit, set within a late-19th-century brick residence, a period when buildings were constructed to endure. The property’s solid masonry walls, ornate cornice work, and classic proportions speak to an era of craftsmanship rarely replicated today, offering investors a tangible sense of permanence alongside reliable income. Originally built as a grand single residence, the building has been thoughtfully adapted into income-producing apartments while retaining its architectural character. Wide window bays, generous ceiling heights, and substantial wall construction translate into apartments that rent well and hold value through market cycles. From an investment standpoint, the asset delivers stabilized in-place income at a competitive cap rate, supported by a straightforward expense profile and proven tenancy. The structure’s load-bearing brick construction with wood-framed floors and roof offers long-term durability that continues to attract tenants and investors alike. The offering includes an adjacent lot used exclusively for off-street parking, an understated but meaningful amenity that supports tenant retention in this historic neighborhood. No development potential is being marketed; the parcel functions solely as parking. Situated moments from the Newburgh Waterfront and key regional employers, the property benefits from consistent rental demand while offering investors ownership of a true historic asset—one that blends architectural legacy with modern income performance.