Stabilized Multi-Tenant Medical/Office Asset
Cash-Flowing Office Asset w/ Development Potential | 1.17 acres
Marketing description
347 Main Street, Poughkeepsie is a multi-tenant office/medical asset on 1.17ac with development upside in a growing Central Business District.
The subject property includes one of three federal bankruptcy courthouses in the Southern District of New York, guaranteed by the United States Government (S&P Credit Rating: AA+). The lease commenced in 2005 and was recently extended for an additional 10 years thru 2034.
Though some of the 80+ surface lot parking spaces are dedicated to the court, a large majority of the lot could be developed into an apartment building or hotel with up to 7 stories. A zoning analysis of PID-A district shows 60+ units could be built over parking as-of-right, with potential for 80 or more units if 20% are Affordable Housing and a parking waiver is issued (likely given subject property is adjacent to a large underutilized City-owned parking lot and a nearby City-owned parking garage).
Investment highlights
- Located within newly formed Downtown Business Improvement District in Poughkeepsie, N.Y.
- NYS recently awarded City of Poughkeepsie $10MM towards the creation of 400+ new apartments Downtown - all currently approved and pending building permits
- Cash-Flowing Asset w/ Development Upside - Potential for 50-Unit or more Apartment Building over the parking lot as-of-right
- Federal Opportunity Zone Benefits Available
- Nearly 100% Occupied, Triple Net Credit Tenants - U.S. Government, CareFull MD
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