355 Mill St Poughkeepsie, NY 12601

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.