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77-79 Garden St 77 Garden St 12 Unit Apartment Building $2,100,000 ($175,000/Unit) 7% Cap Rate Poughkeepsie, NY 12601
Executive Summary
The New York Multifamily Group at Marcus & Millichap is pleased to exclusively offer 77-79 Garden St for sale, a 1920-built, 12-unit multifamily property located in Poughkeepsie, New York. The property is approximately 17,520 square feet across two buildings, contains a 100% three-bedroom unit mix. The investment presents a compelling value-add
opportunity to capture a current 13.7% loss-to-lease and increase the net operating income to a stabilized $180,477.
VALUE OPPORTUNITY
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.
WALKABLE TRANSIT
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.
ROBUST LOCAL DEMAND
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.
DESIRABLE 3-BEDROOM MIX
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.
DOWNTOWN REVITALIZATION
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.
opportunity to capture a current 13.7% loss-to-lease and increase the net operating income to a stabilized $180,477.
VALUE OPPORTUNITY
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.
WALKABLE TRANSIT
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.
ROBUST LOCAL DEMAND
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.
DESIRABLE 3-BEDROOM MIX
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.
DOWNTOWN REVITALIZATION
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.
Property Facts
| Price | $2,100,000 | Property Subtype | Apartment |
| Price Per Unit | $175,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7% | Lot Size | 0.10 AC |
| Gross Rent Multiplier | 8.3 | Building Size | 17,520 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Zoning | R-4 | ||
| Price | $2,100,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 8.3 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 17,520 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Zoning | R-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 131300-6162-70-127207-0000 | Improvements Assessment | $478,400 |
| Land Assessment | $61,600 | Total Assessment | $540,000 |
Property Taxes
Parcel Number
131300-6162-70-127207-0000
Land Assessment
$61,600
Improvements Assessment
$478,400
Total Assessment
$540,000
Contacts
-
Seth Glasser -
Michael Fusco -
Matthew Gault -
Scott Wasserberger -
Marcus & Millichap
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