584 Broadway
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584 Broadway
4,848 SF 100% Leased Retail Building Kingston, NY 12401 $795,000 ($164/SF) 8.01% Cap Rate
Investment Highlights
- Heavy Daytime Foot traffic
- Midtown Kingston
- Corner lot
Executive Summary
Opportunity awaits! Solid Midtown building sits in the heart of Kingston, on one of the busiest intersections with high traffic and great visibility. The building offers a spacious retail space with a fully equipped kitchen, seating area, and restrooms on the first floor (with a current occupancy of 50 occupants. The commercial restaurant/retail space is currently vacant and being delivered just about Turn-Key for a new Restaurant/Deli/Catering etc. There is a commercial hood, range, cook-top, and a walk-in cooler and walk-in freezer in the kitchen. The Kitchen/Retail ratio is about 1/3 Kitchen and 2/3 retail with one-half bath for the retail although there is another room used for storage that could be another half bath. The building has a full basement with great storage space for a restaurant/deli/ retail tenant. The second floor has two generously sized two-bedroom, and one-bath apartments, currently occupied and rented to long-term tenants (month-to-month). Both units have newer electric hot water heaters, natural gas forced air heat, central air, and two electric services. Rubber roof is approx. 7 years old. The owner pays for water (there is a water meter for the restaurant and another meter for the apartments), and all tenants pay for their heat, hot water, and electricity. The property has municipal sewer, water, and natural gas with parking for 2-3 cars on-site, and then municipal public parking behind the building. Cap Rate reflects rental rates at fair market value, Both apartments are Month to month and under market value. Storefront is vacant, with fair market rent set for $4,000.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,848 SF
Building Class
C
Year Built
1924
Price
$795,000
Price Per SF
$164
Cap Rate
8.01%
NOI
$63,690
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.59
Lot Size
0.07 AC
Zoning
T5MS
Frontage
Walk Score ®
Very Walkable (80)
Bike Score ®
Very Bikeable (73)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0800-056.025-0004-011.000-0000 | Total Assessment | $228,000 (2023) |
| Land Assessment | $16,000 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $212,000 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0800-056.025-0004-011.000-0000
Land Assessment
$16,000 (2023)
Improvements Assessment
$212,000 (2023)
Total Assessment
$228,000 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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584 Broadway
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