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    355 Mill St Poughkeepsie, NY 12601

    Sponsored
    For Sale
    $1,750,000

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

    Property size:
    10,227 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    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 Features for 355 Mill St

    General Information

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

    HighLights

    • 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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    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

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    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.
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    355 Mill St Poughkeepsie, NY 12601
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    355 Mill St Poughkeepsie, NY 12601
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