235 Main St - Apartments FOR SALE


New Paltz, NY 12561
$565,000 USD
845-201-1111
235 Main St, New Paltz, NY for Sale
$565,000 USD
Apartments - FOR SALE
1/34
null | 9.05% Cap Rate

235 Main St
New Paltz, NY 12561


HIGHLIGHTS

  • Restaurant tenant currently month-to-month
  • Option 1 (recommended): Apply for a lot-line revision through the Zoning Board to combine both parcels into one B-2-zoned property.
  • Option 2: Delete the interior lot line but retain dual zoning (B-2/R-1), which raises issues with R-1 minimum frontage (100 ft) requirements.

OVERVIEW

Prime location, Main St New Paltz within walking distance to all shopping, college, eateries, and stores. The sale includes an adjacent residential zoned lot. The front parcel is a 3-unit commercial building on 0.46 Acres, which can be used as office space, with a detached +/- 600 square foot restaurant building with ample parking for both buildings, property is located in a B-2 commercial zone. The additional parcel is a vacant lot (in the back) zoned R-1 and consists of about 1.43 acres. The property is hooked up to municipal sewer but currently runs off of a well. The additional vacant lot 86.8-4-15 has the potential to develop as a residential parcel. Please see the associated documents for all income and expense info, county records, zoning, and uses in the zone.

FOR SALE DETAILS

PRICE

$565,000 USD

PRICE/SF

$261 USD /SF

# OF UNITS

5

PRICE/UNIT

$113,000

CAP RATE

9.05%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

20

LAND DETAILS

LAND ACRES

1.89 AC

LAND SF

82,328 SF

ZONING

COM1

APN/PARCEL ID

3889-086.008-0004-015.000-0000,3889-086.008-0004-018.000-0000

ASK ABOUT THIS PROPERTY

Louis NaccaratoBerardi RealtyMore Info
845-201-1111

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Louis NaccaratoBerardi RealtyMore Info
845-201-1111

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.