MAMA- Marbletown Multi Arts 3588 Main St

Amazing opportunity to own a cultural gem right in the heart of Stone Ridge, one of the most charming towns in Ulster County. Located in the historic district right on Main Street, this property sits on 3.4 lush landscaped acres, and features a mixed use converted church, currently leased by a popular yoga and dance studio for the past 7 years. Behind the building lies the beloved- and newly constructed yurt, that has been transformed into a magical event, practice, and ceremony space. To top it all off, an income producing, spacious 2-bedroom apartment is tucked away to the side of the building, giving this property a diversified income stream. Current rents sit under market value, but still give the building a 7% cap rate. At a realistic market value, the building easily fetches a 10% projected cap!
What was once an old church was lovingly renovated and transformed into a commercial space, while keeping the best details of the church intact- like the beautiful stained glass windows! Upon entering, you are welcomed by a seating and retail space, equipped with a bar and 2 commercial bathrooms. The main space has oversized mirrors and ballet bars, smooth wood floors, tall ceilings, and ethereal lighting. While perfectly setup as a yoga studio, you could easily add in a juice or coffee shop component. The second story, which used to be the choir pit overlooking the church, has a large open floor space, accented by arches and stained glass. This whole building is currently leased by Whole Sky Yoga, and has become a very popular and beloved studio in the area for the past 7 years. Whole Sky is currently operating on a month to month lease at $3200 per month.
The tour de force of this dynamic property is the newly constructed 1300 sq ft Kiva, or yurt. With radiant heated floors, excellent soundproofing and system installed, and the overhead circular skylight, the space needs little to speak volumes. Currently managed by the owner under the business MaMA, the space is consistently rented out, and is available by the hour or day for events, classes, and performances to name a few. The Kiva is currently bringing in around $87,000 annually, which we project could easily be much closer to $100k next year.
Off the side of the main building is the unassuming entrance to a surprisingly spacious 2 bedroom apartment. Adorned with gorgeous wood accents, a large open living space with dining room, new appliances, and a wood burning stove, this is a rare gem perfect to add income or be an owner/operator unit! Currently rented to friends on a month to month lease at $1400, this unit is well under market value.
The building is equipped with a full parking lot around the back, which holds 54 spaces. Other features include a large fire pit with local harvested wood sitting stumps, and a newly constructed wood shed. Behind the Kiva lies more opportunity for expansion- extra acreage extends into a perfect flat area, where we can envision an open amphitheater or glamp site being constructed.
Stone Ridge is a town steeped in history, and as its name implies, beautiful stone all around. Known for its old stone houses, beautiful scenery, and architecture, this picturesque town also is known for its restaurants and antique shops.