322 Main StPoughkeepsie, NY 12601

This exceptional 4-unit mixed-use building presents a compelling value-add investment opportunity in Poughkeepsie's vibrant Central Business District. Located at 322 Main St, Poughkeepsie, NY 12601, this four-story, 7,600 square foot property boasts a strong current NOI of $55,378, translating to an 8.03% cap rate. However, significant upside potential exists, with a pro-forma NOI projected at $67,918 and a pro-forma cap rate of 9.84%, achievable through strategic rent increases. The building, constructed in 1920 and renovated in 2020, features two ground-floor commercial units (a lounge and a tattoo parlor) and two residential units (two 2-bedroom apartments on the upper floors). All units are currently 100% occupied with relatively new tenants under short-term (1-3 year) leases. Recent improvements include a new roof (2021), individual electric, gas, and water meters for each unit, and window air conditioning units. The 5,800 square feet of net rentable space is situated on a 0.07-acre lot, zoned PID. The asking price is $690,000 ($172,500 per unit and $90.79 per square foot). This property offers a rare blend of established income and substantial growth potential in a prime location. The building's strong tenant base and recent renovations provide immediate cash flow, while the short-term leases offer flexibility for future rent adjustments. This is an ideal opportunity for investors seeking a value-add play with significant upside in a thriving New York market. The property is a single-owner LLC.