157 Vineyard AveHighland, NY 12528

Property Details for 157 Vineyard Ave

Year built

1940

Lot size

2.90 AC

Property size (Sq ft)

95,000 SF

Property type

Hospitality properties

Property subtype

Other specialty properties

Description

This exceptional 95,000 square foot property, situated on a 2.9-acre lot in Highland, New York (157 Vineyard Ave, 12528), presents a compelling redevelopment opportunity. Currently operating as a B-Class apartment building with 40% occupancy, the property boasts significant upside potential. The existing structure, built in 1940 and renovated in 2012, features one two-story building with three loading docks and three dock-high doors, offering 16-foot ceiling heights. The property is zoned for industrial use, providing flexibility for various development scenarios. With a current asking price of $2,900,000 ($30.53/sq ft), a 6.90% cap rate, and a net operating income (NOI) of $200,000, this represents a strong investment opportunity. The lease is a net lease with a one-year term commencing September 1, 2024, and expiring September 1, 2025. The property is bank-owned and offers rent bump potential. The land value alone is estimated at $50 per square foot. This prime location in the Hudson Valley offers the lowest rental rates in the area, making it ideal for various projects including senior housing, assisted living, self-storage, multi-family development, cluster housing, or warehousing. The property is owned by an LLC.

Location Insight

City

Highland

County

Ulster

State

New York

Latitude

41.7133

Longitude

-73.9722

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