15 Cherry St Poughkeepsie, NY 12601-3411

This exceptional adaptive reuse opportunity presents a fully approved 42-unit apartment building in the heart of Poughkeepsie's central business district, conveniently located off US 44/55. The former cigar factory, a three-story structure with a cellar, offers nearly 40,000 square feet of space. Plans are complete for 36 one-bedroom and 6 two-bedroom units, incorporating off-street parking, amenities, and storage. All essential utilities are readily available on-site, including three-phase electric, natural gas, municipal water and sewer, and data connectivity. The 0.9-acre lot is zoned C-3 Storage/Warehouse with an apartment special permit. Detailed engineering and architectural plans are accessible upon request. Projected annual rental income is $849,600, based on estimated monthly rents of $1600 for one-bedroom and $2200 for two-bedroom units. This represents a compelling investment opportunity with a strong projected return, capitalizing on the growing demand for housing in a vibrant downtown location. The property's rich history and unique character combine with modern functionality to create a truly distinctive investment. The asking price is $1,995,000, or $47,500 per unit, and the price per square foot is $49.90. The property includes a 3-story building with a cellar, and the lot size is 0.9 acres. The Dutchess County location offers easy access to major transportation routes. This is a rare chance to acquire a fully permitted and ready-to-develop multifamily property in a prime location.