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235 Main St 2,163 SF 100% Leased Office Building New Paltz, NY 12561 $565,000 ($261.21/SF) 9.05% Cap Rate
Investment Highlights
- Restaurant tenant currently month-to-month
- Option 2: Delete the interior lot line but retain dual zoning (B-2/R-1), which raises issues with R-1 minimum frontage (100 ft) requirements.
- Option 1 (recommended): Apply for a lot-line revision through the Zoning Board to combine both parcels into one B-2-zoned property.
Executive Summary
Prime location, Main St New Paltz within walking distance to all shopping, college, eateries, and stores. The sale includes an adjacent residential zoned lot. The front parcel is a 3-unit commercial building on 0.46 Acres, which can be used as office space, with a detached +/- 600 square foot restaurant building with ample parking for both buildings, property is located in a B-2 commercial zone. The additional parcel is a vacant lot (in the back) zoned R-1 and consists of about 1.43 acres. The property is hooked up to municipal sewer but currently runs off of a well. The additional vacant lot 86.8-4-15 has the potential to develop as a residential parcel. Please see the associated documents for all income and expense info, county records, zoning, and uses in the zone.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Building Size
2,163 SF
Building Class
C
Year Built/Renovated
1965/1975
Price
$565,000
Price Per SF
$261.21
Cap Rate
9.05%
NOI
$51,114
Percent Leased
100%
Building Height
2 Stories
Typical Floor Size
1,082 SF
Building FAR
0.03
Lot Size
1.89 AC
Zoning
COM1 - COM1 - see attached docs.
Parking
20 Spaces
1 1
Walk Score®
Very Walkable (78)
Property Taxes
| Parcel Numbers | Total Assessment | $269,300 (2024) | |
| Land Assessment | $113,400 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $155,900 (2024) | Tax Year | 2023 |
Property Taxes
Parcel Numbers
Land Assessment
$113,400 (2024)
Improvements Assessment
$155,900 (2024)
Total Assessment
$269,300 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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235 Main St
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