Pending
54 N Chestnut Street
New Paltz NY, 12561
$765,000
$262.71 per sqft
Pending
2,912 sqft
Commercial
Built in 1965
This is a great fully leased mixed-use building in the heart of New Paltz. The property includes two ground-floor commercial units, leased to an engineer and a health care provider. Each have 5 pct annual rent increases in their leases. The rear portion of the ground floor is a 1BR apartment, leased through May 2025. The entire second floor is a 4BR apartment, also leased through May 2025. The upstairs 4BR tenants pay their own electric, heating oil, and hot water. The 3 downstairs units are in the process of being separately metered, with new mini-splits installed this year in the rear apartment. New meter pans and sub panels have also been installed, though they are not yet wired up. There is ample on-site parking behind the building, with 10 parking spaces. The property's B2 zoning was recently changed to allow higher density, so the existing rear 2-story garage could likely be converted or demolished/rebuilt to create additional residential units - a major source of potential upside. The property currently delivers an attractive 8.1 cap rate, even before the individual utility metering is completed and the potential future expansion is undertaken. Great location on high-visibility North Chestnut Street (Rt. 32 N), three blocks north of Main Street. Five minute walk to center of town and 10 minute walk to SUNY campus. Perfect mid-sized New Paltz mixed-use investment opportunity! Financials available upon request.
20243987
MLSⓇ ID
September 29, 2024
Listed
December 17, 2024
Updated
Map
54 N Chestnut Street
New Paltz NY, 12561
Interior Features
Total Stories
2
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.26 Acres
Other Property Details
Area Name
New Paltz
Taxes
$12,170
Tax Frequency
Annually
Garage
No
Parking Total
10
View
No
County
Ulster
Municipality
New Paltz
Pool
No
Zoning
B2
Listing History
Date | Event | Price |
---|---|---|
12/17/2024 | Pending | — |
12/11/2024 | Under contract | — |
10/10/2024 | Price change | $765,000 -4% |
Listed by Matthew Eyler with New Paltz Properties
Listing Contact:
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Data last updated on 12/17/2024 at 5:19 PM UTC