Rooming house with strong potential! 40 S Hamilton St 9 Unit Apartment Building $799,999 ($88,889/Unit) 6.16% Cap Rate Poughkeepsie, NY 12601

Investment Opportunity – High Cash Flow Property in the Heart of Poughkeepsie
Presenting 40 S. Hamilton Street, a rare opportunity to acquire a proven income-producing property in the City of Poughkeepsie. This well-established rooming house consists of nine private single-occupancy rooms, seven bathrooms, providing affordable and independent living accommodations that serve a critical role in the local housing market. This property is a grandfathered rooming house (meaning no other property can be zoned as a rooming house without a special permit). Coin operated laundry also included in the basement. The property has demonstrated strong and consistent performance, currently generating approximately $100,000 in annual gross rental income with a current NOI of $49,315.
Residents enjoy access to shared common areas including a communal kitchen, lounge, and hallway facilities on each floor, creating a practical and cost-effective housing solution for tenants.
Situated on a generous lot, the property features a large rear driveway with ample off-street parking, a valuable amenity for both tenants and management. A substantial basement provides additional storage space and operational flexibility.
For investors seeking immediate cash flow, this property is generating income from day one. Beyond its current performance, there are multiple avenues for future upside. Four apartment conversion is allowed by right. If you split the lot, you can build eight apartments on a knockdown. Student housing is also permitted outright (with Marist, Vassar, Dutchess Community College, and CIA nearby). You can also continue operating as a successful rooming house rental property. The combination of strong in-place income, parking, storage, and future value-add potential makes this an attractive acquisition for both experienced and aspiring investors. Additionally, there is a small parking lot in the rear of the building.
Whether you're looking to expand your portfolio with a stabilized asset or capitalize on redevelopment and repositioning opportunities, 40 S. Hamilton Street offers a compelling blend of cash flow, flexibility, and long-term potential in a growing rental market.