198 Main Street

Salem NY 12865

4520 sq. ft.

6534 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

Right in the heart of Salem village -- and working hard already. This well-maintained mixed-use building offers the kind of versatility that's increasingly rare at this price point in Washington County. Four apartments -- one 2-bedroom and three 1-bedrooms -- sit above two vacant commercial spaces on the first floor, generating $3,200 per month in residential rental income with additional upside potential from the two retail spaces ready for a new tenant or owner-operator. The apartments are updated, functional, and consistently occupied. The 2-bedroom unit rents at $1,000/month, the main floor 1-bedroom at $800/month, and both third floor units at $700/month each. Appliances and mechanicals have been methodically refreshed throughout -- refrigerators and stoves replaced within the last 1-5 years across all units, hot water tanks ranging from 1-5 years old, and the commercial spaces feature a 2-year old furnace. Separate electric heat in the apartments. The building has seen significant capital improvements including new electric, windows, and roof replacements on both the main and lower sections. Live here, work here, and collect rent while you do it -- or hold it purely as an income-producing asset in a village that draws visitors year-round. Salem sits at the crossroads of some of the region's most desirable destinations -- Saratoga Springs, Granville, Greenwich, and Manchester VT are all within easy reach. A detached garage and barn at the rear offer additional storage and long-term potential for the right buyer. Retail spaces are vacant and available for showings. The four apartment units may be viewed by virtual showing only. Please do not disturb the tenants. In person showing(s) may be made contingent upon an in-person viewing after a signed offer is in place.

Features

5 bedrooms

6 bathrooms

4 carspaces

4520 sq. ft. floor area

6534 sq. ft. lot size

Multi-Family

Property history for 198 Main Street

2020

Sold

$117,500

04 Sep 2020 by Melissa Devine, of Devine Properties

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