347 Main St Poughkeepsie, NY 12601
Multi-tenant retail/office asset with development upside in growing CBD.
Lot size:
1.17 AcresProperty Features for 347 Main St
General Information
- Standard status
- Active
- Lot size
- 1.17 Acres
Building Details
- Year built
- 1860
Source:
Corcoran
Listing Agency: KW MIDHUDSON Listing Agent: Don Minichino
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Poughkeepsie Mixed-Use Asset For Sale
Located at 347 Main Street in Poughkeepsie, this multi-tenant retail and office asset is situated on 1.17 acres within a growing Central Business District. The property offers both leasing and development opportunities. The site includes a federal bankruptcy courthouse, one of three in the Southern District of New York, with a lease guaranteed by the United States Government (SP Credit Rating: AA+). This lease commenced in 2005 and was recently extended for an additional 10 years, running through 2034. The property includes over 80 surface parking spaces. A large majority of the parking lot could be developed into an apartment building or hotel with up to 7 stories. The property has the potential to build 60-80 apartments over the parking lot as-of-right, and up to 100 apartments with an affordable housing component. The pro forma NOI is nearly $500,000.
Location Intelligence
Current Use by Public Records
Mid Hudson Family ...
Social Service Agency
WellCare Health Plans
Insurance Agency
Leafy Honeoye, NY
Restaurant
Location Insight
- Map
- Local Demand
- City
- Poughkeepsie
- County
- Dutchess
- State
- New York
- Longitude
- -73.9251308
- Latitude
- 41.7029876
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FAQs
What type of property is this?
Mixed-use property - Multi-tenant retail/office asset with development upside in growing CBD.
Where is this mixed-use property located?
The property is located at 347 Main St Poughkeepsie, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: - Guaranteed lease by the United States Government (SP Credit Rating: AA+) until 2034.; - Pro Forma NOI (Net Operating Income) is nearly $500,000.; - Development potential to build 60-80 apartments as-of-right over the existing parking lot.
