513 Academy St Poughkeepsie, NY 12601
- Commercial real estate
- 11,361 SF
Current Use by Public Records
- Commercial real estate
Property Details for 513 Academy St
- Year built
- 1900
- Property size
- 11,361 SF
- Property type
- Commercial real estate
Description
This exceptional 11,361 square foot mixed-use property at 513 Academy Street in Poughkeepsie, NY, presents a compelling investment opportunity with a 9% capitalization rate. The building comprises twelve units: eight residential and four commercial. Significant renovations were completed in 2023, with four units undergoing a complete gut renovation and four others receiving substantial upgrades. The residential units are a mix of spacious two-bedroom and three-bedroom apartments. Four of the three-bedroom units include in-unit washer/dryer hookups. Architectural plans exist to potentially convert the remaining two-bedroom units into additional three-bedroom units, offering a clear path to increase rental income and property value. All tenants are responsible for their own utilities, except water, which is covered by the property owner. The property sits on a 0-acre lot and is priced at $2,300,000. The existing structure offers potential for further unit expansion without requiring building additions, presenting a significant opportunity for future value appreciation and increased cash flow. This turnkey investment is ready for immediate income generation and long-term growth.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Poughkeepsie
- County
- Dutchess County
- State
- New York
- Longitude
- -73.9281
- Latitude
- 41.6882
