54 North Chestnut Street
$765,000
—
2,912
2,912
$263
Pending
Description
This is a great fully leased mixed-use building in the heart of New Paltz. The property includes two ground-floor commercial units, leased to an engineer and a health care provider. Each have 5 pct annual rent increases in their leases. The rear portion of the ground floor is a 1BR apartment, leased through May 2025. The entire second floor is a 4BR apartment, also leased through May 2025. The upstairs 4BR tenants pay their own electric, heating oil, and hot water. The 3 downstairs units are in the...This is a great fully leased mixed-use building in the heart of New Paltz. The property includes two ground-floor commercial units, leased to an engineer and a health care provider. Each have 5 pct annual rent increases in their leases. The rear portion of the ground floor is a 1BR apartment, leased through May 2025. The entire second floor is a 4BR apartment, also leased through May 2025. The upstairs 4BR tenants pay their own electric, heating oil, and hot water. The 3 downstairs units are in the process of being separately metered, with new mini-splits installed this year in the rear apartment. New meter pans and sub panels have also been installed, though they are not yet wired up. There is ample on-site parking behind the building, with 10 parking spaces. The property's B2 zoning was recently changed to allow higher density, so the existing rear 2-story garage could likely be converted or demolished/rebuilt to create additional residential units - a major source of potential upside. The property currently delivers an attractive 8.1 cap rate, even before the individual utility metering is completed and the potential future expansion is undertaken. Great location on high-visibility North Chestnut Street (Rt. 32 N), three blocks north of Main Street. Five minute walk to center of town and 10 minute walk to SUNY campus. Perfect mid-sized New Paltz mixed-use investment opportunity! Financials available upon request.
- Listed by Matthew Eyler • New Paltz PropertiesP: (845)-417-8300 C: (845)-417-8300 matteyler@yahoo.com
Amenities
- Garage
- Ground Floor
- On-site Parking
LISTING UPDATED: 12/17/2024 11:59 AM
Property Details for 54 North Chestnut Street
Status | Pending |
---|---|
MLS # | 20243987 |
Days on Market | 79 |
Taxes | $12,170 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Mixed Use |
MLS Type | Commercial Sale / Mixed Use |
Year Built | 1965 |
Lot Size | 0.26 AC / 11,325 SF |
County | Ulster County |
Building Information for 54 North Chestnut Street
Stories2Residences4Year Built1965Lot Size0.26 AC / 11,325 SF
Property Information for 54 North Chestnut Street
Property History for 54 North Chestnut Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 54 North Chestnut Street
Taxable ValueLand$42,700Additions$252,100Total$294,800
Home Facts
Total Finished SqFt2,912 SqFtAbove Grade Finished SqFt2,912 SqFtUnfinished Basement SqFt960 SqFtStories2Lot Size11,326 SqFtStyleOffice BuildingYear Built1965ZoningB1CountyULSTERAPN513801 86.34-3-26
Schools near 54 North Chestnut Street
This home is within New Paltz Central School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 2 | |||
Public - | 3 to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Duzine School PublicPK to 2 | ||
Lenape Elementary School Public3 to 5 | ||
New Paltz Middle School Public6 to 8 | ||
New Paltz Senior High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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