Flex Space with C-3
For Sale
$1,400,000
188 COTTAGE ST, Poughkeepsie, NY 12601
Multi-use commercial building with office, light industrial, storage, and reconfiguration potential.
Property Size12,832 SF
Price / SF$109.10
Days on Market76
Property Features for 188 COTTAGE ST
General Information
Standard status
Active
Size
12,832 SF
Property subtype
Industrial
Zoning
C-3
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$24,876
Amenities
Central Air
3
Building Details
Buildings
1
Building Size
12,832 SF
Tenancy
Multi
Listing Agency:
KW MidHudson
(845) 242-4381
Listed By:
Don Minichino · License #10401333542
(845) 242-4381
Source:
Xome
Added: Jun 14
Changed: Aug 28
Last Checked: Aug 23 at 2:28AM
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 KW MidHudson
Investment Insights
Based on property information with market context.
Located at 188 Cottage Street in Poughkeepsie, this approximately ±12,832 SF flex property occupies nearly an acre within a C-3 industrial and commercial zoning district. The building offers a combination of flexible space and a layout that can support office, light industrial, and storage functions, with potential for conversion or reconfiguration into other income-producing uses.
The site includes approximately 141 feet of frontage and ample lot area for deliveries, employee parking, or outdoor operations. The property is currently reported at 100% occupancy and has a tenant mix supported by an established rental history. Financial metrics include a 9%+ cap rate.
The site includes approximately 141 feet of frontage and ample lot area for deliveries, employee parking, or outdoor operations. The property is currently reported at 100% occupancy and has a tenant mix supported by an established rental history. Financial metrics include a 9%+ cap rate.
Key Highlights
- ±12,832 SF building on nearly an acre
- C‑3 zoning in Poughkeepsie's industrial and commercial zone
- Approximately 141 ft of frontage on Cottage Street
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
$96,369
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
6.88%
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%
$1,927,380
$1.9M
Cap Rate 7%
$1,376,700
$1.4M
Cap Rate 9%
$1,070,767
$1.1M
Market Conditions
NOI Build-Up for 12,832 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
$121.6K $9.48/SF
− Vacancy
−$8.3K −$0.64/SF
EGI
$113.4K $8.84/SF
− OpEx
−$17.0K −$1.33/SF
NOI
$96.4K $7.51/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,927,380
Cap Rate 7%
$1,376,700
Cap Rate 9%
$1,070,767
Alternative Uses
Best Use
Flex RnD
$3.01M
$2.63M – $3.51M
NOI $210,639 @ 7.0% cap · market cap 15.05%
Second Best
Office B
$2.93M
$2.57M – $3.42M
NOI $205,384 @ 7.0% cap · market cap 14.67%
Theoretical Best
Office A
$3.86M
$3.38M – $4.51M
NOI $270,386 @ 7.0% cap · market cap 19.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,151
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-use commercial building with office, light industrial, storage, and reconfiguration potential.
Where is this flex space located?
The property is located at 188 COTTAGE ST Poughkeepsie, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: ±12,832 SF building on nearly an acre; C‑3 zoning in Poughkeepsie's industrial and commercial zone; Approximately 141 ft of frontage on Cottage Street
