Building Details

Tenancy Multi

Listing Agency: KW Mid-Hudson

Listed By: Don Minichino · License #NY 10401333542 Show Phone

Source: Crexi

Added: Jun 7, 2024 Changed: Oct 6 Last Checked: Oct 16 at 9:31AM

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Investment Insights

Based on property information with market context.

This property offers a redevelopment opportunity with existing income. The gross income is $153,000 per year, with a pro-forma income of nearly $200,000. The sale includes four parcels totaling one acre, located on the corner of Mill Street and N Hamilton. Two of the parcels are vacant land. The other two parcels include 355 Mill, currently a warehouse and office space occupied by the owner, and 359 Mill, a four-family home with one-bedroom units, a studio, and a salon. There are eight garages located at the rear of the lot. All spaces are currently occupied. The new zoning allows for six to eight stories of mixed-use development. The property size is 10227 square feet.

Key Highlights

• High income potential: $153,000/year gross income with nearly $200,000 Pro‑Forma.
• Redevelopment opportunity: New zoning allows for 6‑8 stories of mixed‑use development.
• Large lot size: Totaling one acre on a corner lot.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$124,258

Cap Rate

7.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,485,160 $2.5M

Cap Rate 7%

$1,775,114 $1.8M

Cap Rate 9%

$1,380,644 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,227 SF

Gross rent

$220.9K $21.60/SF

− Vacancy

−$22.1K −$2.16/SF

EGI

$198.8K $19.44/SF

− OpEx

−$74.6K −$7.29/SF

NOI

$124.3K $12.15/SF

Area

Dutchess County, NY

Vacancy

10.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,485,160

Cap Rate 7%

$1,775,114

Cap Rate 9%

$1,380,644

Alternative Uses

Best Use

Apartment 5plus

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,698 @ 7.0% cap · market cap 10.04%

Second Best

Mixed Use

$1.78M

$1.55M – $2.07M (±1% cap)

NOI $124,258 @ 7.0% cap · market cap 7.10%

Theoretical Best

Office A

$3.08M

$2.69M – $3.59M (±1% cap)

NOI $215,495 @ 7.0% cap · market cap 12.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Computer & Electronic Repair Gym & Fitness Center Acupuncture Garden Center Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,097

Businesses Nearby

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 Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Acre of land with income and redevelopment potential.

Where is this mixed-use property located?

The property is located at 355 Mill St Poughkeepsie, NY.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: High income potential: $153,000/year gross income with nearly $200,000 Pro‑Forma.; Redevelopment opportunity: New zoning allows for 6‑8 stories of mixed‑use development.; Large lot size: Totaling one acre on a corner lot.