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Mixed-Use

271-277 State Street

271 State St, Schenectady, NY 12305

Listing Price: $2,625,000

Cap Rate
0.10%
Number of Units
35
Price/Unit
$75,000
Price/Gross SF
$47.73
Gross SF
55,000

Investment Overview

Marcus and Millichap has been exclusively retained to present the opportunity to redevelop a historic property in Schenectady, New York. Located at the intersection of State Street and Erie Boulevard, 271-277 State street presents an investor with a sizable asset in the cornerstone location of the Lower State Street (Artisan Mill) district. This two building portfolio has historically consisted of a retail/office and residential mix and provides a developer with 55,000 square feet (approx.) of space to renovate. The Schenectady Development Revitalization Initiative has prompted a reimagining of the downtown area and especially Lower State Street and the Eire Boulevard corridor. Over the past few years many millions of dollars have been sourced to fund and promote the growth and renovation of older buildings (such as 271-277 State St) and resulted in a multitude of new commercial spaces, apartments and jobs that will continue to drive investment in and economic growth of the area. 271 State Street is a three story Building featuring three existing street level retail spaces, 2nd floor office spaces and a third floor flex area recently used for offices and a kickboxing business. The building has a full basement and is located directly across the street from the newly completed Electric City Apartments. That development consists of new mixed-use retail and residential project including 105 studio, one bedroom, and two bedroom market rate apartments with parking on the corner of Erie Boulevard and State Street. The ESD funding leveraged private investment of more than $20 million. 277 State Street sits on the corner of State and Erie (and spans the entire block between State and Liberty Streets). This building consists of a number of retail units, office spaces and apartments. It ranges from 3 stories on the south end up to six stories on the north end of the structure. The north end of the lot also contains a parking lot. Directly across the street is the new $23 million Train Station which was built by NYS DOT with strong advocacy and support from Governor Cuomo. Because of the unmatched physical location of these buildings, which serve as the cornerstone location of the Lower State Street (Artisan Mill) district and the western facing façade to the new train station, there exists a tremendous desire to see a developer with vision transform this parcel to a level commensurate with the other recent developments.

Investment Highlights

  • Two buildings located in a cornerstone location of Schenectady's rapidly developing Lower State Street disctrict
  • This two portfolio has historically consisted of a retail/office and residential mix and provides a developer with 55,000 square feet (approx.) of space to renovate
  • Over the past few years millions of dollars have been sourced to fund and promote the growth and renovation of the area which has resulted in a multitude of new commercial spaces, apartments and jobs

Exclusively Listed By

  • Chip Collins

    First Vice President Investments

    (201) 742-6124

    Email Chip

    License(s): NJ: 0016571, NY: 10401230649, PA: RSR001965

    New Jersey

Listing Price: $2,625,000

Cap Rate
0.10%
Number of Units
35
Price/Unit
$75,000
Price/Gross SF
$47.73
Gross SF
55,000

Investment Highlights

  • Two buildings located in a cornerstone location of Schenectady's rapidly developing Lower State Street disctrict
  • This two portfolio has historically consisted of a retail/office and residential mix and provides a developer with 55,000 square feet (approx.) of space to renovate
  • Over the past few years millions of dollars have been sourced to fund and promote the growth and renovation of the area which has resulted in a multitude of new commercial spaces, apartments and jobs

Investment Overview

Marcus and Millichap has been exclusively retained to present the opportunity to redevelop a historic property in Schenectady, New York. Located at the intersection of State Street and Erie Boulevard, 271-277 State street presents an investor with a sizable asset in the cornerstone location of the Lower State Street (Artisan Mill) district. This two building portfolio has historically consisted of a retail/office and residential mix and provides a developer with 55,000 square feet (approx.) of space to renovate. The Schenectady Development Revitalization Initiative has prompted a reimagining of the downtown area and especially Lower State Street and the Eire Boulevard corridor. Over the past few years many millions of dollars have been sourced to fund and promote the growth and renovation of older buildings (such as 271-277 State St) and resulted in a multitude of new commercial spaces, apartments and jobs that will continue to drive investment in and economic growth of the area. 271 State Street is a three story Building featuring three existing street level retail spaces, 2nd floor office spaces and a third floor flex area recently used for offices and a kickboxing business. The building has a full basement and is located directly across the street from the newly completed Electric City Apartments. That development consists of new mixed-use retail and residential project including 105 studio, one bedroom, and two bedroom market rate apartments with parking on the corner of Erie Boulevard and State Street. The ESD funding leveraged private investment of more than $20 million. 277 State Street sits on the corner of State and Erie (and spans the entire block between State and Liberty Streets). This building consists of a number of retail units, office spaces and apartments. It ranges from 3 stories on the south end up to six stories on the north end of the structure. The north end of the lot also contains a parking lot. Directly across the street is the new $23 million Train Station which was built by NYS DOT with strong advocacy and support from Governor Cuomo. Because of the unmatched physical location of these buildings, which serve as the cornerstone location of the Lower State Street (Artisan Mill) district and the western facing façade to the new train station, there exists a tremendous desire to see a developer with vision transform this parcel to a level commensurate with the other recent developments.

Exclusively Listed By

  • Chip Collins

    First Vice President Investments

    (201) 742-6124

    Email Chip

    License(s): NJ: 0016571, NY: 10401230649, PA: RSR001965

    New Jersey

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