117 Marys AveKingston, NY 12401

Property Details for 117 Marys Ave

Year built

1994

Lot size

0.35 AC

Zone code

R-1

Property type

Office buildings

APN

510800 56.33-4-36.300

APU

5108005633436300

Description

This exceptional 4,670 square foot medical office condominium is ideally situated adjacent to Health Alliance Hospital in Kingston, NY. Suites 102 and 103 are currently combined to create a highly functional and spacious layout, though deeded as separate units. The first-floor space boasts a large waiting room, two separate business offices, two half-bathrooms, two lab areas, a break room, four consultant rooms, and seven exam rooms, along with ample storage. The unit includes convenient lower-level garage carport parking for owners and staff. Individual rooftop heat pump units and separate electric meters provide efficient climate control and utility management. This corner unit represents a significant ownership stake, holding 20.38% of the entire building. The land lease with Health Alliance Hospital is exceptionally long-term, extending for 99 years with an option for an additional 99 years, at a monthly rate of $450. The hospital is responsible for all exterior grounds maintenance, minimizing ongoing responsibilities for the owner. This turnkey medical office space presents a rare opportunity for immediate occupancy and significant return on investment in a high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,787,343

  6.5%

  $3,496,009

  7%

  $3,246,294

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,005,432

  Geo Method

  $1,992,042

• Alternative Use

  Use

  Valuation

  Residential

  $4,335,050

  Hospitality

  $3,970,883

  Educational

  $3,303,728

  Medical

  $3,417,348

  Retail

  $5,139,132

Location Insight

City

Kingston

County

Ulster

State

New York

Latitude

41.9226

Longitude

-74

CBSA code

28740

CBSA name

KINGSTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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