Stabilized Medical/Gov Office w/ Apartment… — Sale in Poughkeepsie, NY

  • Price: $5.3M
  • Listing type: For sale
  • Asset type: Office
  • Location: Poughkeepsie, NY 12601
  • Size: 33,711 SF

Investment Figures

Cap rate
10.31%
Price per square foot
$156

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

347 Main Street, Poughkeepsie is a multi-tenant retail/office asset on 1.17ac with leasing and development upside in a growing Central Business District. The subject property includes one of three federal bankruptcy courthouses in the Southern District of New York, guaranteed by the United States Government (S&P Credit Rating: AA+). The lease commenced in 2005 and was recently extended for an additional 10 years thru 2034. Though some of the 80+ surface lot parking spaces are dedicated to the court, a large majority of the lot could be developed into an apartment building or hotel with up to 7 stories. A zoning analysis of PID-A district shows 60-80 apartments could be built over parking as-of-right, with potential for up to 100 units if 20% of apartments are Affordable Housing and a parking waiver is awared (likely given subject property is adjacent to a large underutilized City-owned parking lot). ***PENDING 20YR LEASE FOR 6,397SF WITH MEDICAL PROVIDER ***ASSUMABLE 5.4% MORTGAGE Building SF: 33711 | Land Size: 1.17 Ac | Listing Type: FOR SALE

Market Context

This office in Poughkeepsie, NY is listed for sale at $5,250,000 across 33,711 SF ($131/SF). It is offered at an approximate 10.3% capitalization rate, a key benchmark for income-producing office assets. It has been on the market for 71 days. Compare it against other office listings for sale in Poughkeepsie, NY — view the full market.

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