Kent Lakes Commons 529-533 Route 52 32,437 SF 100% Leased Retail Building Carmel, NY 10512 $6,350,000 ($195.76/SF) 7.07% Cap Rate

529–533 Route 52 presents a mixed-use investment opportunity with strong in-place income and clear pathways to additional value creation. The property currently generates around 380K in annual NOI, with a demonstrated ability to reach approximately $490K through mark-to-market residential rents and targeted adjustments to select commercial and land leases.
The residential component offers near-term upside, with most units trending toward market rents in the ~$2,900+ range. Notably, units within the 531 building are separately metered, creating the potential for reconfiguration into higher-yield layouts, including the possibility of increasing bedroom count or subdividing units, subject to building department approval. The 533 building also contains metered units separately. Current pro forma assumptions remain conservative relative to unit size and layout, as many apartments exceed typical market comparables in both square footage and overall utility.
On the commercial side, the property benefits from a stable tenant base and strong frontage along Route 52, with additional upside through future lease roll and rent adjustments that are not currently factored into underwriting.
The site also presents multiple layers of optionality beyond in-place operations. Ownership has received third-party interest in leasing a portion of the land, indicating the potential for additional income. Further, the physical layout and positioning of the buildings suggest the possibility of expansion or reconfiguration, whether through vertical additions or strategic use of existing space, subject to appropriate approvals.
Overall, the asset offers a combination of current cash flow, near-term rent growth, and longer-term flexibility, making it well-positioned for investors seeking both stability and upside in a high-visibility corridor. Seller financing available for qualified buyers.