Lofty 90 Madison Ave

Lofty 90 Madison Ave

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Location
Albany, NY
Projected Return
9.85%

Company Description

Duplex in Downtown Albany, NY. Both units are rented separately as short-term rentals.

Offering Details

  • Earl Co, with Coolwood LLC, is selling a portion of his property's equity on the Lofty marketplace. Earl will maintain at least 10% equity in the property indefinitely.
  • Earl is a Superhost on Airbnb and manages the property. View Earl's Airbnb Superhost profile

Property Details

  • Renovated townhouse with two units rented separately on Airbnb, VRBO, and more.
  • This property is a historically significant building situated in The Pastures Historic District, a residential area noted for its remarkable architectural heritage and contribution to Albany's urban narrative.
  • The Pastures Historic District itself is a testament to Albany's rich past, with many buildings dating back to the 18th and 19th centuries. The property at 88 Madison Avenue, with its storied past including ownership by Henry Beekman and occupation by Lewis Benedict, contributes to the narrative of Albany's development from a colonial town to a modern city.
  • Great location near Albany Medical Center, Times Union Center, Empire State Plaza, Library, Lark Street, State Offices, courts; easy access to local & regional bus routes and highways (I-787, I-90 & I-87).
  • New York Plans to Invest $1 Billion to Expand Chip Research in Albany. Click here to read more.
  • Earl will provide a credit to pay for 100% of the repair costs of any "Major Defect and/or Safety Hazards" mentioned in the Inspection Report.
  • The "Utilities" expense in the "Financials" tab includes software & apps, cleaning, rental supplies, and utilities. See the YTD Profit & Loss Statements for more details.
  • View public Airbnb metrics via Hospitable
  • View public Airbnb reviews via Hospitable
  • View the Year-to-date P&L
  • View direct booking website

Property Management and Insurance

  • Managed by the seller, Earl Co, a Superhost on Airbnb
  • Earl is a Superhost on Airbnb with 5 years hosting experience, 1,980 reviews, and an overall rating of 4.74/5 stars. He will continue to manage the property after selling a portion of his equity. Click here to view Earl's Superhost profile on Airbnb.
  • Property Management Agreement
  • Insurance Policy from State Farm

Airbnb

Property Leverage

  • This property has a loan of $197,936.34. View the loan documents here.
  • As the seller, Earl Co pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Occupancy Status

Location Data

  • "B+" Rating for Zip Code on Niche

Due Diligence Documents

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