Log In/Sign Up
Your email has been sent.
77-79 Garden St 77 Garden St 12 Unit Apartment Building $2,948,043 CAD ($245,670 CAD/Unit) 7% Cap Rate Poughkeepsie, NY 12601
Executive Summary
The New York Multifamily Group at Marcus & Millichap is pleased to exclusively offer 77-79 Garden St for sale, a 1920-built, 12-unit multifamily property located in Poughkeepsie, New York. The property is approximately 17,520 square feet across two buildings, contains a 100% three-bedroom unit mix. The investment presents a compelling value-add
opportunity to capture a current 13.7% loss-to-lease and increase the net operating income to a stabilized $180,477.
VALUE OPPORTUNITY
A significant value-add opportunity exists by capturing the current 13.7% loss-to-lease. This strategy is projected to increase the NOI by 23.8% to a stabilized $180,477 in Year 1.
WALKABLE TRANSIT
The property boasts a Walk Score of 78, offering pedestrian access to downtown amenities. Located under 1 mile from the Metro-North Train Station, it provides direct commuter rail access to New York City.
ROBUST LOCAL DEMAND
The property benefits from a highly stable tenant base anchored by major regional institutions. Demand is driven by IBM's 3,000 employees, the 243-bed MidHudson Regional Hospital, and 9,000 students at Vassar and Marist.
DESIRABLE 3-BEDROOM MIX
All 12 residential units feature strictly 3-bedroom, 1-bathroom floor plans, a composition rarely found in comparable multifamily product. This 100% 3-bedroom mix caters perfectly to the core demographic in a tight market.
DOWNTOWN REVITALIZATION
The property is within walking distance of over $150 million in active construction projects, enhancing neighborhood appeal. This includes the $147 million Wallace Campus development, adding 187 housing units and 22,000 SF of retail space. The city also secured $9.7M across 10 Downtown Revitalization Initiative projects.
opportunity to capture a current 13.7% loss-to-lease and increase the net operating income to a stabilized $180,477.
VALUE OPPORTUNITY
A significant value-add opportunity exists by capturing the current 13.7% loss-to-lease. This strategy is projected to increase the NOI by 23.8% to a stabilized $180,477 in Year 1.
WALKABLE TRANSIT
The property boasts a Walk Score of 78, offering pedestrian access to downtown amenities. Located under 1 mile from the Metro-North Train Station, it provides direct commuter rail access to New York City.
ROBUST LOCAL DEMAND
The property benefits from a highly stable tenant base anchored by major regional institutions. Demand is driven by IBM's 3,000 employees, the 243-bed MidHudson Regional Hospital, and 9,000 students at Vassar and Marist.
DESIRABLE 3-BEDROOM MIX
All 12 residential units feature strictly 3-bedroom, 1-bathroom floor plans, a composition rarely found in comparable multifamily product. This 100% 3-bedroom mix caters perfectly to the core demographic in a tight market.
DOWNTOWN REVITALIZATION
The property is within walking distance of over $150 million in active construction projects, enhancing neighborhood appeal. This includes the $147 million Wallace Campus development, adding 187 housing units and 22,000 SF of retail space. The city also secured $9.7M across 10 Downtown Revitalization Initiative projects.
Property Facts
| Price | $2,948,043 CAD | Property Subtype | Apartment |
| Price Per Unit | $245,670 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7% | Lot Size | 0.10 AC |
| Gross Rent Multiplier | 8.3 | Building Size | 17,520 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Zoning | R-4 | ||
| Price | $2,948,043 CAD |
| Price Per Unit | $245,670 CAD |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 8.3 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 17,520 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Zoning | R-4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 131300-6162-70-127207-0000 | Improvements Assessment | $671,592 CAD |
| Land Assessment | $86,476 CAD | Total Assessment | $758,068 CAD |
Property Taxes
Parcel Number
131300-6162-70-127207-0000
Land Assessment
$86,476 CAD
Improvements Assessment
$671,592 CAD
Total Assessment
$758,068 CAD
Contacts
-
Seth Glasser -
Michael Fusco -
Matthew Gault -
Scott Wasserberger -
Marcus & Millichap
1 of 9
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
77-79 Garden St | 77 Garden St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.