15 Matthews St
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15 Matthews St
42,210 SF Office Building Goshen, NY 10924 $5,500,000 ($130/SF) 1.50% Cap Rate
Investment Highlights
- Modern Office building with visibility to the highway that has 67,000+ cars per day
- Lots of parking and easy ingress, egress for cars or trucks
- Signage
Executive Summary
Opportunity to own this Class A 36,000+ partially tenanted 3 story office building with visibility to Route 17 (I-86) with 67,000+ cars per day. There is signage. There are 22 separate units/office spaces with 60% fully leased. There is an elevator, ground floor easy access on multiple sides and a loading dock in the rear. Building shows a pro forma of $367,978.89 (7+ cap) when full. Large ground floor level is completely gutted and ready to be built out for a tenant. There is 14,274 sf of vacant space that needs to be leased to make this property VERY SUCCESSFUL. Presently it is 40% vacant and rents are below market. Large parking lot with easy access in and out for cars or trucks. Building is brick construction with large windows giving it an open modern feel.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$357,588
|
$8.47
|
| Other Income |
$17,093
|
$0.40
|
| Vacancy Loss |
$17,879
|
$0.42
|
| Effective Gross Income |
$356,802
|
$8.45
|
| Taxes |
$83,400
|
$1.98
|
| Operating Expenses |
$190,890
|
$4.52
|
| Total Expenses |
$274,290
|
$6.50
|
| Net Operating Income |
$82,512
|
$1.95
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $357,588 |
| Annual Per SF | $8.47 |
| Other Income | |
|---|---|
| Annual | $17,093 |
| Annual Per SF | $0.40 |
| Vacancy Loss | |
|---|---|
| Annual | $17,879 |
| Annual Per SF | $0.42 |
| Effective Gross Income | |
|---|---|
| Annual | $356,802 |
| Annual Per SF | $8.45 |
| Taxes | |
|---|---|
| Annual | $83,400 |
| Annual Per SF | $1.98 |
| Operating Expenses | |
|---|---|
| Annual | $190,890 |
| Annual Per SF | $4.52 |
| Total Expenses | |
|---|---|
| Annual | $274,290 |
| Annual Per SF | $6.50 |
| Net Operating Income | |
|---|---|
| Annual | $82,512 |
| Annual Per SF | $1.95 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
42,210 SF
Building Class
B
Year Built/Renovated
1988/2024
Price
$5,500,000
Price Per SF
$130
Cap Rate
1.50%
NOI
$82,511
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
10,553 SF
Slab To Slab
13’
Building FAR
0.40
Land Acres
2.40 AC
Zoning
DS - Designated Shopping (DS)
Parking
154 Spaces (3.65 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Many options to be subdivided, from just a small room up to the entire floor.
| Space | Size | Space Use | Condition | Available |
| Lower Level - B101 | 170-10,000 SF | Flex | - | Now |
| 1st Fl-Ste 101 | 7,500 SF | Office/Medical | - | Now |
| 2nd Fl-Ste 200 | 2,800 SF | Office/Medical | - | Now |
| 3rd Fl-Ste 302 | 2,400 SF | Office/Medical | - | Now |
| 3rd Fl-Ste 310 | 1,400 SF | Office/Medical | - | Now |
Lower Level - B101
| Size |
| 170-10,000 SF |
| Space Use |
| Flex |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste 101
| Size |
| 7,500 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 200
| Size |
| 2,800 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
3rd Fl-Ste 302
| Size |
| 2,400 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
3rd Fl-Ste 310
| Size |
| 1,400 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
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STREET
MAP
Lower Level - B101
| Size | 170-10,000 SF |
| Space Use | Flex |
| Condition | - |
| Available | Now |
Many options to be subdivided, from just a small room up to the entire floor.
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1st Fl-Ste 101
| Size | 7,500 SF |
| Space Use | Office/Medical |
| Condition | - |
| Available | Now |
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2nd Fl-Ste 200
| Size | 2,800 SF |
| Space Use | Office/Medical |
| Condition | - |
| Available | Now |
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3rd Fl-Ste 302
| Size | 2,400 SF |
| Space Use | Office/Medical |
| Condition | - |
| Available | Now |
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3rd Fl-Ste 310
| Size | 1,400 SF |
| Space Use | Office/Medical |
| Condition | - |
| Available | Now |
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PROPERTY TAXES
| Parcel Number | 333001-119-000-0001-003.000-0000 | Total Assessment | $1,240,000 |
| Land Assessment | $148,400 | Annual Taxes | $83,400 ($1.98/SF) |
| Improvements Assessment | $1,091,600 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
333001-119-000-0001-003.000-0000
Land Assessment
$148,400
Improvements Assessment
$1,091,600
Total Assessment
$1,240,000
Annual Taxes
$83,400 ($1.98/SF)
Tax Year
2023
-
Joe Distelburger -
Keller Williams Realty Partners
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15 Matthews St
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