529-533 Route 52 Carmel, NY 10512

The property at 529-533 Route 52 is a mixed-use investment opportunity that generates approximately $380,000 in annual net operating income (NOI). There is potential to increase this to around $490,000 through adjustments to residential rents and commercial/land leases. The residential component offers near-term upside, with units trending toward market rents in the $2,900+ range. Units within the 531 and 533 buildings are separately metered, creating the potential for reconfiguration into higher-yield layouts, including increasing bedroom count or subdividing units, subject to building department approval. Current pro forma assumptions remain conservative relative to unit size and layout, as many apartments exceed typical market comparables in both square footage and overall utility. On the commercial side, the property benefits from a stable tenant base and frontage along Route 52, with additional upside through future lease roll and rent adjustments. There is third-party interest in leasing a portion of the land, indicating the potential for additional income. The physical layout and positioning of the buildings suggest the possibility of expansion or reconfiguration, whether through vertical additions or strategic use of existing space, subject to appropriate approvals. The asset offers a combination of current cash flow, near-term rent growth, and longer-term flexibility.