563 Reed St New Windsor, NY 12553

Property Details for 563 Reed St

Year built

1942

Lot size

1.20 lot acres

Property size

25,272 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a leasehold interest in a 25,272-square-foot executive office building located at 563 Reed St, New Windsor, NY 12553. The property boasts a strong 8.75% cap rate and a substantial net operating income (NOI) of $523,265, supported by a 100% occupancy rate. The tenant is the New York State Department of Corrections and Community Supervision (NYSDOCCS), providing an AA+ credit tenant with a leasehold term exceeding six years. A significant advantage is the 75+ years remaining on the ground lease with the Town of New Windsor. The three-story building, constructed in 1942 and extensively renovated in 2021 (including a new roof, furnaces, fire alarm system, and interior upgrades), features masonry construction and a large rear parking lot. Its strategic location adjacent to New York Stewart International Airport, with convenient access to major highways (I-84/I-87), places it within a thriving office, industrial, and logistics corridor. The surrounding area demonstrates strong demographics, with a population exceeding 200,000 within a 10-mile radius and an average household income exceeding $103,000 within a 5-mile radius. The property's proximity to both New York City (one hour) and Albany (90 minutes) further enhances its appeal. This is a rare opportunity to acquire a high-quality, income-producing asset with a secure, long-term tenant and significant upside potential. The asking price is $5,980,171. The 1.2-acre lot provides ample space.