34 Elmendorf Street, Kingston
The last great deal in Kingston! This handsome nineteenth century Victorian home was originally a single-family home and now is set up as a two-family; however, it could be easily converted back to single- family residence. Currently there is a one-bedroom apartment down stairs and a two-bedroom apartment up stairs. It has many of the original Victorian details such as ornamental ginger bread exterior trim work and many original interior trim, such as crown moldings, tin ceilings and a distinctive stacked two-story bay window. It located right on Kingston Green Line trail and is just a short walk or ride to the Kingston Plaza traffic free and to connect to the Hurley and Ashokan Reservoir rail trails. There are two boilers; however, the heat and electric are not completely separated. With a little work the apartments could have completely separated utilities. There is 2-car garage in the rear with plenty of off street parking, a walk up attic and full basement. This is a great home with good bones and with some investment could be quite wonderful as a single family residence. Rents are well below market and with at little bit of work, the utilities can be separated and the cap rate jumps to almost 9% and if you adjust the rents to market rates, you would be over a 10% cap rate, making this a good investment property.
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