Behrends Courts 13-15 S Hamilton St
40 Unit Apartment Building $7,200,000 ($180,000/Unit) 7.69% Cap Rate Poughkeepsie, NY 12601
INVESTMENT HIGHLIGHTS
- Assumable Below-Market Debt until 2033
- Gut renovation completed in 2008
- Free Market Opportunity
- Strong Cash on Cash Day One
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to offer the following opportunity known as Behrends Court, a three-story, mixed-use asset located at 13-15 South Hamilton Street in Poughkeepsie, New York (Dutchess County). Originally constructed in 1920 and gut renovated in 2008, Behrends Court is situated on approximately 0.81 acres, offers gated parking for 25 cars and comprised of 40 apartments and 9 retail stores. The unit breakdown consist of five (5) studio apartments, 22 1-bedroom apartments and 13 2-bedroom apartments.
? The Opportunity: Behrends Court is a Class-B mixed use asset consisting of 40 luxury apartments and 9 street level retail stores located on Main Street in Poughkeepsie. The original Main Street buildings were gut-renovated, leaving only the original facades, while constructing brand new luxury spaces behind. This environmentally responsible project incorporated energy efficient aspects into the design. Geothermal systems minimize operating expenses for the owner, and energy costs for tenants.
? The Location: Conveniently located in the City of Poughkeepsie, Behrend's Court is within walking distance to the train station and a few miles from Marist and Vassar Colleges, the Culinary Institute of America, Vassar Brothers Medical Center and IBM. Poughkeepsie, the last stop on the Metro Norths Hudson Line, allowing a commute to and from NYC within an hour and 45 minutes.
? Value Add: Offered at compelling basis with upside in leasing the one vacant retail space and the increasing apartment rents through organic rent growth and the ability to increase rents with further renovation to the apartments. Loss to lease based on current operations is approximately $83,124.
? Assumable Debt: Favorable in place financing giving investors an opportunity to secure below market debt.
? Free Market: 100% Free Market opportunity allowing investors to immediately capitalize on the loss to lease.
? The Opportunity: Behrends Court is a Class-B mixed use asset consisting of 40 luxury apartments and 9 street level retail stores located on Main Street in Poughkeepsie. The original Main Street buildings were gut-renovated, leaving only the original facades, while constructing brand new luxury spaces behind. This environmentally responsible project incorporated energy efficient aspects into the design. Geothermal systems minimize operating expenses for the owner, and energy costs for tenants.
? The Location: Conveniently located in the City of Poughkeepsie, Behrend's Court is within walking distance to the train station and a few miles from Marist and Vassar Colleges, the Culinary Institute of America, Vassar Brothers Medical Center and IBM. Poughkeepsie, the last stop on the Metro Norths Hudson Line, allowing a commute to and from NYC within an hour and 45 minutes.
? Value Add: Offered at compelling basis with upside in leasing the one vacant retail space and the increasing apartment rents through organic rent growth and the ability to increase rents with further renovation to the apartments. Loss to lease based on current operations is approximately $83,124.
? Assumable Debt: Favorable in place financing giving investors an opportunity to secure below market debt.
? Free Market: 100% Free Market opportunity allowing investors to immediately capitalize on the loss to lease.
PROPERTY FACTS
| Price | $7,200,000 |
| Price Per Unit | $180,000 |
| Sale Type | Investment |
| Cap Rate | 7.69% |
| Gross Rent Multiplier | 7.6 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.81 AC |
| Building Size | 45,258 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2008 |
| Parking Ratio | 0.55/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Microwave
- Storage Space
- Heating
- Crown Molding
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Security System
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 7 | - | 700 |
| 1+1 | 20 | - | 550 - 650 |
| 2+1 | 13 | - | 700 - 800 |
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Walk Score®
Very Walkable (77)
ZONING
| Zoning Code | C-1 |
