Rare opportunity to acquire a core mixed-use property on the best block in Downtown New Paltz. Located immediately next door to the Main Street Bistro, 55 Main Street includes two leased ground floor commercial spaces and two 4BR apartments on the second floor. The first commercial space was beautifully renovated this year by Agave restaurant, and is under lease through May 2028. The second commercial space is leased through May 2027 to popular and established gift shop Heady Teddy's. Both commercial tenants have annual contracted increases in rent - 5 pct and 6 pct, respectively. All utilities, including electricity, heating oil, propane, and water/sewer are individually metered for each unit. Stabilized 9.3 cap rate! Low-risk high-occupancy property that is very well positioned for continued appreciation. Irreplaceable location in the heart of this thriving college town, right in the center of all of the action. Financials available upon request.
More Info
Basic Information
Parcel Number 86.143-1-8
Building
Basement Yes
Units4
Year Built1900
Property
Sign On Property YN Yes
Property Information
Acreage0.11
Lot Size Square Feet 4,791
Lot Size Units Acres
Square Feet4,560
Tax Information
Taxes$15,688
Location
Address55 Main Street
AreaNew Paltz
Building Number55
CountyUlster
Mls Area Minor New Paltz
StateNY
StreetMain Street
TownNew Paltz
Township New Paltz
Zip12561
Other
Date Listed09/29/2024
View Count5
Parking
Parking Total 5
Basic Information
List Price$1,495,000
MLS Number20243986
Mls Status Active
Modification Date09/29/2024
Property SubTypeMixed Use
StatusACT
Amenities
Other AmenitiesBasement
Legal
ZoningB2
Zoning Description Very flexible mixed-use zoning - many allowable uses
