Mixed-Use Redevelopment
For Sale
Contact for pricing
355 Mill St, Poughkeepsie, NY 12601
Acre of land with income and redevelopment potential.
Property Size10,227 SF
Lot Size1.00 Acre
Price / SF$171.12
Days on Market817
Property Features for 355 Mill St
General Information
Standard status
Active
Size
10,227 SF
Class
C
Lot size
1.00 Acre
Property subtype
Land, Mixed Use, Multifamily, Retail
Zoning
PID-B - 6-8 Stories Mixed-use
Occupancy
67%
Lease Type
Gross
Net Operating Income
$121,600
Building Details
Tenancy
Multi
Listing Agency:
KW Mid-Hudson
(845) 242-4381
Listed By:
Don Minichino · License #NY 10401333542
Source:
Crexi
Added: Jun 7, 2024
Changed: Aug 23
Last Checked: Aug 26 at 9:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Mid-Hudson
Investment Insights
Based on property information with market context.
This property offers a redevelopment opportunity with existing income. The gross income is $153,000 per year, with a pro-forma income of nearly $200,000. The sale includes four parcels totaling one acre, located on the corner of Mill Street and N Hamilton. Two of the parcels are vacant land. The other two parcels include 355 Mill, currently a warehouse and office space occupied by the owner, and 359 Mill, a four-family home with one-bedroom units, a studio, and a salon. There are eight garages located at the rear of the lot. All spaces are currently occupied. The new zoning allows for six to eight stories of mixed-use development. The property size is 10227 square feet.
Key Highlights
- High income potential: $153,000/year gross income with nearly $200,000 Pro‑Forma.
- Redevelopment opportunity: New zoning allows for 6‑8 stories of mixed‑use development.
- Large lot size: Totaling one acre on a corner lot.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$124,258
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,485,160
$2.5M
Cap Rate 7%
$1,775,114
$1.8M
Cap Rate 9%
$1,380,644
$1.4M
Market Conditions
NOI Build-Up for 10,227 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$220.9K $21.60/SF
− Vacancy
−$22.1K −$2.16/SF
EGI
$198.8K $19.44/SF
− OpEx
−$74.6K −$7.29/SF
NOI
$124.3K $12.15/SF
Area
Dutchess County, NY
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,485,160
Cap Rate 7%
$1,775,114
Cap Rate 9%
$1,380,644
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,698 @ 7.0% cap · market cap 10.04%
Second Best
Mixed Use
$1.78M
$1.55M – $2.07M
NOI $124,258 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,495 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 12601, NY
44,264
Population
17,972
Households
2.5
Avg Household Size
35
Median Age
30%
College-Educated
88%
High-School Grad
18.3 sq mi
ZIP Area
2,419
Density / Sq Mi
$64,769
Median Household Income
$37,259
Median Earnings
$1,376
Median Rent
$275,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Acre of land with income and redevelopment potential.
Where is this mixed-use 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 income potential: $153,000/year gross income with nearly $200,000 Pro‑Forma.; Redevelopment opportunity: New zoning allows for 6‑8 stories of mixed‑use development.; Large lot size: Totaling one acre on a corner lot.
