Mixed-Use Redevelopment
355 Mill St Poughkeepsie, NY 12601
355 Mill St, Poughkeepsie, NY, 12601
Contact for pricing
For Sale
Contact for pricing
Acre of land with income and redevelopment potential.
Property Size10,227 SF
Lot Size1.00 Acre
Price / SF$171.12
Days on Market772
Property Features for 355 Mill St
General Information
- Standard status
- Active
- Size
- 10,227 SF
- Lot size
- 1.00 Acre
- Property subtype
- Land, Mixed Use, Multifamily, Retail
Listing Agency
KW Mid-Hudson
(845) 242-4381
Listed by
Don Minichino · License #NY 10401333542
Source
Crexi
Added: Jun 7, 2024 Checked: Jul 17 at 12:56 pm
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 Mid-Hudson
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.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $220.9k | $21.60 |
| − Vacancy | −$22.1k | −$2.16 |
| EGI | $198.8k | $19.44 |
| − OpEx | −$74.6k | −$7.29 |
| NOI | $124.3k | $12.15 |
10,227 SF · lease $21.60/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,698 @ 7.0% cap · market cap 10.04%
Second Best
Mixed Use
$1.78M
$1.55M – $2.07M
NOI $124,258 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,495 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mixed-use properties
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FAQs
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.
