77-79 Garden St
Multifamily | 12 Units | $175,000/unit
Marketing description
The New York Multifamily Group at Marcus & Millichap is pleased to present 77-79 Garden Street, a 17,520-square-foot multifamily property comprised of two distinct buildings in the heart of Poughkeepsie, New York. Originally constructed in 1920, the asset sits within a dynamic residential corridor and offers a unique footprint split almost evenly between the two structures.
The Property features a highly desirable and uniform layout, delivering a balanced income stream supported by strong tenancy and consistent demand from the area's deep renter pool. This classic asset presents a rare acquisition opportunity featuring a 100% three-bedroom unit mix, encompassing 12 total residential units with classic interior finishes, offering flexibility and significant upside for both investors and operators.
The Property benefits from exceptional connectivity and proximity to Poughkeepsie's premier dining, retail, and employment hubs. The market's continued growth and limited supply of large-format, three-bedroom apartments underpin long-term rent appreciation and sustained investor demand.
Investment highlights
- A significant value-add opportunity exists by capturing the current 13.7% loss-to-lease. This strategy is projected to increase the NOI by 23.8% to a stabilized $180,477 in Year 1.
- The property boasts a Walk Score of 78, offering pedestrian access to downtown amenities. Located under 1 mile from the Metro-North Train Station, it provides direct commuter rail access to New York City.
- The property benefits from a highly stable tenant base anchored by major regional institutions. Demand is driven by IBM's 3,000 employees, the 243-bed MidHudson Regional Hospital, and 9,000 students at Vassar, and Marist.
- All 12 residential units feature strictly 3-bedroom, 1-bathroom floor plans, a composition rarely found in comparable multifamily product. This 100% 3-bedroom mix caters perfectly to the core demographic in a tight market.
- The property is within walking distance of over $150 million in active construction projects, enhancing neighborhood appeal. This includes the $147 million Wallace Campus development, adding 187 housing units and 22,000 SF of retail space. The city also secured $9.7M across 10 Downtown Revitalization Initiative projects.
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