22 Ibm RdPoughkeepsie, NY 12601

Property Details for 22 Ibm Rd

Lot size

3.00 AC

Property size (Sq ft)

45,000 SF

Property type

Retail properties

Property subtype

Office properties

Description

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.

Location Insight

City

Poughkeepsie

County

Dutchess

State

New York

Latitude

41.6505

Longitude

-73.933

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