337 Main St Poughkeepsie, NY 12601-2986

Property Details for 337 Main St

Year built

1900

Lot size

0.09 lot acres

Property size

7,639 SF

Zone code

C-2

Property type

Office buildings

APN

131300 6162-77-120074-0000

APU

9223372036854775807

Description

This exceptional mixed-use property at 337 Main Street, Poughkeepsie, NY 12601, presents a compelling value-add investment opportunity. The 8,060 square foot building boasts a ground-floor commercial space and three residential apartments. The commercial space is newly leased for five years with a five-year option, ensuring immediate income generation. The three apartments, comprising two two-bedroom units and one one-bedroom unit, have undergone recent renovations, featuring luxury finishes. This turnkey asset benefits from excellent downtown Poughkeepsie location and offers off-street tenant parking. The property currently generates a Net Operating Income (NOI) of $70,968, resulting in a 6.79% cap rate with a pro-forma cap rate of 7.09%. The asking price is $1,045,000. Tenants are responsible for their own gas and electric utilities. The spacious layouts and recent upgrades make this a highly attractive investment, promising strong returns and potential for future appreciation. This is a rare opportunity to acquire a well-maintained, income-producing property in a desirable location. The combination of a stable commercial tenant and renovated residential units provides a diversified income stream and a solid foundation for long-term growth.