54 N Chestnut St New Paltz, NY 12561

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. Continue reading