Listed by KW Mid-Hudson
$1,750,000
Potential Development w/ In-place Income Poughkeepsie CBD
Details
Property Type Land, Mixed Use
Sub Type Apartment Building, Commercial
Square Footage 10,227
Cap Rate 6.95%
NOI $121,600
Occupancy 67%
Tenancy Multi
Lease Type Gross
Pro-Forma Cap Rate 9.28%
Pro-Forma NOI $162,316
Price per SqFt $171
Class C
Acreage 0.970
Zoning PID-B - 6-8 Stories Mixed-use
Potential Apartment Redevelopment - 50+ Units
Marketing description
Possible redevelopment with in-place income - $153,000/yr in gross income, nearly $200,000 Pro-Forma. Totaling an acre, situated on the corner of Mill St and N Hamilton. Sale consists of 4 parcels total, 2 of them are vacant land. Other two parcels - 355 Mill currently warehouse/office owner occupied, and 359 Mill, 4 family home of 1 bedrooms, a studio and salon, and 8 garages total in the rear of the lot. All spaces are occupied, and new zoning allows for 6-8 stories of mixed-use development.
Investment highlights
Heavy Auto Traffic along NYS-44/55 Poughkeepsie
New zoning allows for 6-8 stories mixed-use development
$153,000/y current income; nearly $200,000 potential income
Listing Contacts
Listed by KW Mid-Hudson
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$121,600.00
$10,133.33/mo
Valuation Metrics
0
DSCR
6.95%
Cap Rate
6.95%
ROI
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