529-533 Route 52 - Storefront Retail/Residential FOR SALE


Carmel, NY 10512
$5,999,999 USD
914-967-1300
529-533 Route 52, Carmel, NY for Sale
$5,999,999 USD
Storefront Retail/Residential - FOR SALE
1/46
null | 6.33% Cap Rate

529-533 Route 52
Carmel, NY 10512


HIGHLIGHTS

  • 100% occupied with long-term tenant base
  • High visibility along Route 52, adjacent to Lake Carmel
  • Renovated roofs and parking lot with ample parking
  • Seller financing available for qualified buyers
  • Expansion or redevelopment/land lease upside on excess land
  • Individually metered Electricity-Individual electric hot water heater per unit

OVERVIEW

529–533 Route 52 is a fully occupied, 23-unit mixed-use property consisting of three buildings on approximately 4.12 acres. 529 is a standalone office building. 531 includes six residential units and six commercial units, while 533 includes five residential units over five commercial units. The property totals approximately 32,437 square feet and includes roughly 60 on-site parking spaces. Current gross annual income is just under $560,000, with an in-place NOI of approximately $380,000. The property benefits from a stable mix of residential, retail, office, and service tenants, including several long-term occupants who intend to remain at the property. The current income is strong, but there are still clear opportunities to increase value. Several residential units remain below market, creating room for rent growth through renewals and natural turnover. There is also a potential pathway to convert certain units in the larger building into two-bedroom apartments, subject to municipal approval. Additional upside may be available through commercial rent adjustments, improved expense recoveries, and the use of available land for a future ground lease or telecommunications lease. The roofs and parking lot have been fully renovated, reducing near-term capital needs and allowing a new owner to focus on operations and income growth. Pro forma NOI is projected at approximately $448,000. Seller financing may be available for qualified buyers, subject to mutually acceptable terms and a structure that keeps the seller in a first-priority secured position.

FOR SALE DETAILS

PRICE

$5,999,999 USD

PRICE/SF

$185 USD /SF

CAP RATE

6.33%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Kent Lakes Commons

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

ADD'L SUBTYPES

Storefront Retail/Office, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

4.12 AC

LAND SF

179,467 SF

ZONING

C

APN/PARCEL ID

372200-033-048-0001-006-000-0000

ASK ABOUT THIS PROPERTY

Ashwath RameshBerkshire Hathaway HomeServices NewYork PropertiesMore Info
914-967-1300

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Ashwath RameshBerkshire Hathaway HomeServices NewYork PropertiesMore Info
914-967-1300

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