Potential Downtown Apartment Building | 359 Mill St
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Potential Downtown Apartment Building 359 Mill St
10,227 SF 67% Leased Retail Building Poughkeepsie, NY 12601 $1,750,000 ($171/SF) 5.41% Cap Rate
Investment Highlights
- Heavy Auto Traffic along NYS-44/55 Poughkeepsie
- In-place Income w/ Long-term Development Potential
- Pending Zoning Overlay to allow for 4-5 stories Mixed-Use
Executive Summary
Possible redevelopment with in-place income - $141,000/yr in gross income, $155,000 Pro-Forma. Totaling an acre, situated on the corner of Mill St and N Hamilton. Sale consists of 4 parcels total, 2 of them are vacant land (Innovation District Creative Edge zoning). Other two parcels - 355 Mill currently warehouse/office owner occupied, C-3 zoning and 359 Mill, mixed use, C-3 zoning, 4 family home of 1 bedrooms, a studio and salon, and 8 garages total in the rear of the lot. All spaces are occupied, mostly with long standing tenants all on short-term leases, and remaining spaces owner-occupied.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
10,227 SF
Building Class
C
Year Built
1920
Price
$1,750,000
Price Per SF
$171
Cap Rate
5.41%
NOI
$94,593
Percent Leased
67%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Land Acres
0.97 AC
Zoning
C-3 - Poughkeepsie Innovation District - Creative Edge (Commercial/Residential)
Parking
5 Spaces (0.49 Spaces per 1,000 SF Leased)
Frontage
69 FT on Mill St
Walk Score ®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 131300-6162-78-217082-0000 | Total Assessment | $212,980 (2023) |
| Land Assessment | $59,400 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $153,580 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
131300-6162-78-217082-0000
Land Assessment
$59,400 (2023)
Improvements Assessment
$153,580 (2023)
Total Assessment
$212,980 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
-
Don Minichino -
Justin LaFalce -
Keller Williams Realty Partners
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Potential Downtown Apartment Building | 359 Mill St
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