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Downtown Redevelopment - Opportunity Zone 359 Mill St 10,227 SF 100% Leased Retail Building Poughkeepsie, NY 12601 $1,750,000 ($171.12/SF) 6.95% Cap Rate
Investment Highlights
- Heavy Auto Traffic along NYS-44/55 Poughkeepsie
- Current Income $153,000/yr - Potential $200,000
- Zoning Overlay allows for 6-8 Stories Mixed-use Development
Executive Summary
Possible redevelopment with in-place $153,000 income and nearly $200,000 potential income. 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 while you go get your approvals for 6-8 stories mixed-use development (zoned as-of-right).
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
10,227 SF
Building Class
C
Year Built
1920
Price
$1,750,000
Price Per SF
$171.12
Cap Rate
6.95%
NOI
$121,600
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
0.97 AC
Zoning
PID-B - Poughkeepsie Innovation District B - 6-8 Stories Mixed-use Development
Parking
5 Spaces (0.49 Spaces per 1,000 SF Leased)
Frontage
69’ on Mill St
Walk Score®
Walker's Paradise (91)
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $651,411 | |
| Land Assessment | $136,400 | Total Assessment | $787,811 |
Property Taxes
Parcel Numbers
Land Assessment
$136,400
Improvements Assessment
$651,411
Total Assessment
$787,811
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Downtown Redevelopment - Opportunity Zone | 359 Mill St
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