Two-Story Brick Medical Office
For Sale
$6,250,000
1 Pine Street Spur, Poughkeepsie, NY 12601
Two-story brick office building leased to a healthcare credit tenant under an NN+ structure with remaining term and 3% escalations.
Property Size12,000 SF
Price / SF$520.83
Days on Market50
Property Features for 1 Pine Street Spur
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NN
Additional Details
Cap Rate
6.27%
Highway Access
Yes
Amenities
Two-Story, ±12,000 SF Brick Office Building Leased To Nuvance Health / Northwell Health, An Investment-Grade Healthcare Credit Tenant (S&P Rating: A-)
NN+ Lease With Approximately 8 Years Remaining, Providing Passive, Stable Income
3% Annual Rent Escalations Provide A Built-In Hedge Against Inflation
Building Details
Building Size
12,000 SF
Stories
2
Tenancy
Single
Listing Agency:
Marcus & Millichap - New Jersey
(212) 430-5100
Listed By:
John Horowitz · License #License(s) NY: 10311204479
(212) 430-5100
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 16 at 3:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This two-story brick office building totals approximately 12,000 square feet and is currently leased to NuvanceHealth / Northwell Health. The property is structured as an NN+ lease with approximately eight years remaining, with 3% annual rent escalations. The current tenant is described as an investment-grade healthcare credit, with an S&P rating of A-.
The building is positioned in infill downtown Poughkeepsie and is located across from Vassar Brothers Medical Center, a 349-bed regional hospital. Access is described as convenient to Route 9 and Route 44/55, with proximity to the Mid-Hudson Bridge. The offering also notes proximity to Metro-North (Hudson Line) service to Grand Central Terminal, supporting patient and workforce accessibility.
For buyers seeking a healthcare-oriented office asset, the lease to a major healthcare provider and the remaining term can provide straightforward operating continuity. The NN+ lease structure and stated annual escalations may help support long-term lease cash flow under the terms provided, while the building’s medical-focused location supports tenant relevance for office and care-adjacent operations.
The building is positioned in infill downtown Poughkeepsie and is located across from Vassar Brothers Medical Center, a 349-bed regional hospital. Access is described as convenient to Route 9 and Route 44/55, with proximity to the Mid-Hudson Bridge. The offering also notes proximity to Metro-North (Hudson Line) service to Grand Central Terminal, supporting patient and workforce accessibility.
For buyers seeking a healthcare-oriented office asset, the lease to a major healthcare provider and the remaining term can provide straightforward operating continuity. The NN+ lease structure and stated annual escalations may help support long-term lease cash flow under the terms provided, while the building’s medical-focused location supports tenant relevance for office and care-adjacent operations.
Key Highlights
- Two‑story, 12,000 SF brick office building leased to NuvanceHealth / Northwell Health
- Investment‑grade healthcare credit tenant (S&P rating: A-) with an NN+ lease structure
- Approximately 8 years of lease term remaining
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$193,320
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,866,400
$3.9M
Cap Rate 7%
$2,761,714
$2.8M
Cap Rate 9%
$2,148,000
$2.1M
Market Conditions
NOI Build-Up for 12,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$360.0K $30.00/SF
− Vacancy
−$37.8K −$3.15/SF
EGI
$322.2K $26.85/SF
− OpEx
−$128.9K −$10.74/SF
NOI
$193.3K $16.11/SF
Area
Dutchess County, NY
Vacancy
10.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,866,400
Cap Rate 7%
$2,761,714
Cap Rate 9%
$2,148,000
Alternative Uses
Best Use
Healthcare Medical
$2.76M
$2.42M – $3.22M
NOI $193,320 @ 7.0% cap · market cap 3.09%
Second Best
Office B
$2.74M
$2.40M – $3.20M
NOI $192,067 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,855 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,140
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12601, NY
44,264
Population
17,972
Households
2.5
Avg Household Size
35
Median Age
30%
College-Educated
88%
High-School Grad
18.3 sq mi
ZIP Area
2,419
Density / Sq Mi
$64,769
Median Household Income
$37,259
Median Earnings
$1,376
Median Rent
$275,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story brick office building leased to a healthcare credit tenant under an NN+ structure with remaining term and 3% escalations.
Where is this medical office space located?
The property is located at 1 Pine Street Spur Poughkeepsie, NY.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: Two‑story, 12,000 SF brick office building leased to NuvanceHealth / Northwell Health; Investment‑grade healthcare credit tenant (S&P rating: A-) with an NN+ lease structure; Approximately 8 years of lease term remaining
