Listed by Keller Williams Realty Consultants
$1,750,000
1009 Route 82
Details
APN 133089-6457-01
Property Type Multifamily, Office
Sub Type Traditional Office, Medical Office
Lease Type NNN
Pro-Forma Cap Rate 10.72%
Pro-Forma NOI $191,920
Buildings 2
Acreage 3.480
Zoning B-1 General Commercial
Investment Type Value Add
Ground Lease No
Multifamily
Marketing description
This family-owned compound has been operated as a legacy asset for over 50 years, with rents remaining below market and minimal expense recovery. Transitioning to market rents and implementing NNN reimbursements presents immediate upside and strong cap rate expansion.
This is an ideal opportunity for an investor seeking durable in-place cash flow with clear operational upside in a supply-constrained Hudson Valley market.
Investment highlights
- Asking Price: $1,790,000
- Current Gross Income: $160,920 (vacant upstairs commercial office)
- Pro Forma Gross Income: $194,000+
- Pro Forma NOI: $191,920
- Property Size: 3.48 ± Acres
- Mobile Home Park – 12 Lots:
- Total Gross: $89,220
- 9 lots at $615
- 1 lot at $630
- 1 lot at $600
- 1 lot at $670
- Tenants own homes and lease land. 1-year leases with 3% annual increases.
- Commercial Building #1 – Office (1,800 SF ±):
- Ground Floor – Dentist (30+ Years Tenancy)
- Rent: $1,695/month
- Lease Expiration: 06/01/2026
- Second Floor – Vacant (4 offices + bath)
- Market Rent: $1,500+/month
- Ready for immediate lease-up.
- Electric panel completely redone and updated approximately 10 years ago. New commercial signage installed in front of building.
- New roof installed within the last 5 years
- Aluminum-sided building repainted within the last 10 years
- Commercial Building #2 – Converted Barn (700 SF ±):
- Tenant: Beauty Salon
- Rent: $690/month + winter heating contribution
- Tenant pays electric, phone & internet
- Salon interior fully renovated. New exterior windows and exterior paint.
- 2-Family Apartment House:
- Downstairs (2 Bed / 1 Bath | 1,200 SF ±)
- Rent: $1,670/month
- Upstairs (2 Bed / 1 Bath | 1,000 SF ±)
- Rent: $1,395/month
- Both apartments fully renovated.
- Brand new furnace, oil tank, and water heater. Brand new exterior door to upstairs apartment.
- Two new garage doors and two new garage door motors (garage connected to the 2-family house)
- Free-Standing Garage:
- 2-Bay Garage
- Rent: $525/month
- Brand new garage doors and new door motors.
- Infrastructure & Septic Systems:
- Property fully serviced by town water (no private well inspection/reporting requirements).
- Two new septic systems: One new system serving seven trailers, One new honeycomb system serving the first trailer
- Remaining four trailers on a modern system (approximately 20 years old)
- Dedicated private road
- Public water installed 3 years ago
- Large blacktop parking lot (restriping only)
- Value-Add Highlights:
- Below-market rents across all asset classes
- Immediate NOI growth through NNN expense pass-throughs
- Vacant office lease-up opportunity
- Mobile home rent resets upon turnover
- Major capital improvements completed
- Long-term tenants providing stable in-place income
- Entire property on municipal water (reduced regulatory burden)
- Square Feet: +151,588 SF
- Robust Multi-Sector Income Stability: This 4-asset compound features MHR Office, Multifamily, and Retail components, effectively mitigating sector-specific risk through diversification.
- Immediate Value-Add Opportunity: Significant upside potential exists through the strategic lease-up of vacant office space and the alignment of legacy rents to current market rates.
- Recent Major Capital Improvements: Ownership has injected over $150,000 into critical infrastructure, including new septic systems, roofing, and mechanicals, reducing near-term CapEx exposure.
- High-Growth Corridor: Strategically located near the new $64M Stellantis facility and Amazon distribution hub, the property benefits from substantial corporate investment and job creation.
- Favorable Supply Constraints: A critical 2.1% local vacancy rate creates a landlord-favorable environment, supporting aggressive rent growth strategies across all asset classes.
Listing Contacts
Listed by Keller Williams Realty Consultants
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