Log In/Sign Up
Your email has been sent.
Kent Lakes Commons 529-533 Route 52 32,437 SF 100% Leased Retail Building Carmel, NY 10512 $8,441,998 CAD ($260.26 CAD/SF) 6.33% Cap Rate
Investment Highlights
- 100% occupied with long-term tenant base
- Renovated roofs and parking lot with ample parking
- Expansion or redevelopment/land lease upside on excess land
- High visibility along Route 52, adjacent to Lake Carmel
- Seller financing available for qualified buyers
- Individually metered Electricity-Individual electric hot water heater per unit
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
32,437 SF
Building Class
C
Year Built/Renovated
1979/2024
Price
$8,441,998 CAD
Price Per SF
$260.26 CAD
Cap Rate
6.33%
NOI
$534,660 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.18
Lot Size
4.12 AC
Zoning
C - Commercial
Parking
60 Spaces (1.85 Spaces per 1,000 SF Leased)
Amenities
- Signage
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
20/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 372200-033-048-0001-006-000-0000 | Improvements Assessment | $4,325,571 CAD |
| Land Assessment | $210,205 CAD | Total Assessment | $4,535,776 CAD |
Property Taxes
Parcel Number
372200-033-048-0001-006-000-0000
Land Assessment
$210,205 CAD
Improvements Assessment
$4,325,571 CAD
Total Assessment
$4,535,776 CAD
1 of 46
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
Kent Lakes Commons | 529-533 Route 52
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.