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355 Mill St Poughkeepsie, NY 12601

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For Sale
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Mixed-use property, high potential, in-place income.

Property size:
10,227 SF

Property Features for 355 Mill St

General Information

Property type
Multifamily properties
Square Feet
10,227 SF
Class
C
Lot Size
42,253 SF

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Listing Contact
Don Minichino
Don Minichino

Listing Agency: Keller Williams Realty Partners Listing Agent: Don Minichino

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

This exceptional 0.97-acre mixed-use property in Poughkeepsie's central business district presents a compelling investment opportunity. Currently generating $141,000 in annual gross income ($155,000 pro-forma), the property comprises four parcels. Two vacant lots are zoned for Innovation District Creative Edge development, offering significant future potential. The other two parcels include a warehouse/office building at 355 Mill Street (C-3 zoning, owner-occupied) and a mixed-use building at 359 Mill Street (C-3 zoning). The latter features a four-family dwelling with one-bedroom units, a studio, and a salon, along with eight garages. The existing buildings house nine tenants, mostly with short-term leases, providing immediate income. The property boasts a 67% occupancy rate, a $94,593 NOI ($104,593 pro-forma), and a 5.41% cap rate (5.98% pro-forma). The asking price is $1,750,000 ($171.12/sq ft), reflecting a total square footage of 10,227. The property's prime location at the corner of Mill Street and North Hamilton Street benefits from heavy auto traffic along NYS-44/55. A pending zoning overlay is expected to allow for four-to-five-story mixed-use development, further enhancing its long-term value. This is a rare chance to acquire a property with immediate income and substantial redevelopment potential in a thriving urban area. The permitted zoning is C-3 Storage/Warehouse with an Apartment Special Permit.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Poughkeepsie
County
Dutchess
State
New York
Longitude
-73.922693419808
Latitude
41.703493816122

FAQs

What type of property is this?
Multifamily property - Mixed-use property, high potential, in-place income.
Where is this multifamily 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-traffic location on NY State Route 44/55 in Poughkeepsie.; Zoning change pending to permit 4-5 story mixed-use development.; Existing income stream with significant long-term development upside.
(845) 242-4381 Call to check price and availability
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