377 Washington Avenue

Description

An exceptional turnkey investment or owner-occupant opportunity in vibrant Uptown Kingston. Situated in the flexible T4N-O zoning district, this 2-story converted mixed-use building consists of a ground-floor commercial storefront and two residential apartments. Whether you are looking to occupy the freshly renovated upper apartment while receiving strong rental income from the ground floor to subsidize your mortgage, or seeking a fully operational income-producing property, 377 Washington Ave is ready to perform. Ground-Floor Commercial Storefront (Unit 0):Size: ~750 sq. ft. Tenant/Status: Occupied by an established tattoo shop (Lease through Sept 30, 2028, with annual rent escalations). Rent: 1,250/month + utilities. Features: Fully renovated space complete with a new dedicated heat pump system (heating & cooling), renovated bathroom, new lighting, flooring, and paint. Apartment 1 (Rear, First Floor) Status: Occupied by a long-term, month-to-month tenant. Rent: 1,400/month. Features: Complete gut renovation featuring a reframed structural floor system with proper dimensional lumber, new kitchen with new cabinets and appliances, new bathroom, ductless mini-split heat pump system, and fresh flooring and paint. Apartment 2 (Second Floor) Status: Vacant (deliberately held vacant to accommodate an owner-occupant buyer or immediate move-in). Market Rent: 1,650/month. Features: Recently renovated and move-in ready with a renovated bathroom, updated flooring, and fresh paint. (Note: All existing leases reserve the owner's right to terminate upon sale of the building with 60 days' notice, giving a buyer the flexibility to take the property vacant or with current tenants in place.) Extensive Capital & Building Improvements The current owners have completed extensive capital upgrades throughout the entire structure, ensuring peace of mind for the incoming buyer. HVAC & Energy: Independent heat pump / mini-split systems installed in both the commercial unit and Apartment 1 for efficient heating and cooling. Roofing: Brand-new shingled roof installed over the rear addition in 2025. Plumbing & Utilities: New gas meter installed, new backflow preventer installed to meet City of Kingston commercial building codes, and building-wide electrical/utility upgrades. Structural: Reframed structural floor system in Apartment 1. Financial Highlights Full Occupancy Gross Potential Income: 51,600 / year (4,300/month) Operating Expenses: ~21,303.49 / year (includes county/school real estate taxes, insurance, municipal water/sewer, lawn/snow, and maintenance reserve) Net Operating Income (NOI): ~30,296.51 / year