22 Ibm RdPoughkeepsie, NY 12601

This exceptional investment opportunity presents a fully occupied, 45,000 square foot, Class B office and retail complex in Poughkeepsie, NY. The property, situated on 3 acres at 22 IBM Rd, boasts two renovated buildings with 19 units and 160 parking spaces. Completed in Fall 2019, renovations included a new roof, HVAC systems, energy-efficient windows, upgraded bathrooms, new flooring, paint, storefront entrances, signage, LED lighting, security cameras, a new façade, and landscaping. Currently housing 22 tenants with a diverse mix of professional services, the property enjoys 100% occupancy and a strong Net Operating Income (NOI) of $570,873, with a pro-forma NOI of $708,737 and a 7.05% cap rate (8.75% pro-forma). The property features a modified lease type with 3% annual rent bumps, offering significant upside potential due to below-market lease rates. The asking price is $8,100,000, representing a price per square foot of $180. Zoned for commercial use, this property is an ideal investment for both owner-occupiers and 1031 exchange candidates, offering a solid infrastructure, strong tenant base, and ample parking. Financial details are available upon request. The property's convenient location near Route 9 provides easy access to numerous amenities.