2-Unit New York Property With Long-Term Tenant and 2-Story Barn Listed for $69,000

A two-unit multifamily property in Elmira, New York, has hit the market for $69,000, offering four total  bedrooms, two bathrooms and nearly 2,000 square feet of living space.

Located at 308 Mount Zoar Street, the property was built in 1900 and contains approximately 1,931 square feet. The building is configured as a duplex with one apartment on each level, creating an opportunity for a buyer interested in an income-producing property.

At the current $69,000 asking price, the property works out to approximately $36 per square foot.

One of the most notable details is that the downstairs apartment is already occupied by a long-term tenant.

According to the current listing, the lower unit contains one  bedroom and has been leased to the same tenant for more than 12 years. For an investor, having an established occupant already in place could reduce the need to immediately search for a renter after purchasing the property.

The upper apartment provides considerably more sleeping space.

It contains three bedrooms along with an additional screened-in porch area that gives residents extra usable space beyond the main interior rooms.

Together, the two apartments provide four bedrooms and two bathrooms across the building.

Each unit also has separate laundry hookups, a useful feature in a multifamily property because residents can handle laundry within their own living areas instead of sharing a common facility.

The property is served by natural-gas forced-air heating, public water and community sewer service.

Parking is another practical advantage.

The listing describes ample off-street parking, with gravel and unpaved parking areas capable of accommodating multiple vehicles.

Outside, the property sits on approximately 0.34 acres, providing considerably more land than many urban duplexes.

A particularly interesting feature is the two-story barn located on the property.

The barn currently provides additional storage and could be useful for tools, equipment or tenant belongings. The listing also suggests it may offer additional income possibilities, although any future  rental or alternative use would depend on local regulations and the building’s condition.

The property’s wood-sided exterior and 1900 construction reflect its age, making a thorough inspection especially important for potential buyers. Older multifamily properties can require attention to electrical systems, plumbing, roofing, heating and structural components.

Still, the current listing describes the duplex as well maintained and turnkey.

The combination of an occupied lower apartment, a larger three-bedroom upper unit and extra storage in the barn could make the property especially interesting to smaller investors.

One possible strategy could involve continuing to rent both apartments. Another buyer might eventually consider occupying one unit while receiving rental income from the other, depending on existing lease terms and local requirements.

The property is currently being offered at $69,000 through the newest MLS listing.

Zillow’s property page still displays older off-market information and a previous $68,900 figure, so buyers should rely on the newer active listing when evaluating the property’s present status.

With four bedrooms across two units, nearly 2,000 square feet, a long-term tenant, separate laundry hookups, ample parking and a two-story barn, 308 Mount Zoar Street offers an unusual amount of investment potential for a price below $70,000.

Listed on Zillow