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Mixed-Use

40 Cannon

40 Cannon St, Poughkeepsie, NY 12601

Listing Price: $10,999,000

Cap Rate
5.90%
Number of Units
49
Occupancy
98.0%
Price/Unit
$224,469
Price/Gross SF
$177.36
Gross SF
62,016

Investment Overview

Marcus & Millichap has been retained as the exclusive broker for the sale of 40 Cannon Street located in Poughkeepsie, New York. This former Kings Court Hotel is situated along the Hudson River, approximately 80 miles north of Manhattan. The property has been gut renovated and repurposed into 49 luxury apartments including two penthouses and four retail spaces. The subject property is a five-story elevator building with a double tower configuration, connected by a lobby/gallery.

Investment Highlights

  • Turn Key Property with Luxury Finishes and Market Rents - 98% Occupied
  • Accelerated Migration from NYC Residents in Wake of COVID
  • Per Bloomberg, the City of Poughkeepsie is the 8th Most Popular Relocation Destination in the US
  • Located Less than a Mile to Metro North
  • Major Employers Nearby Including: Marist College, Vassar College, Vassar Brothers Medical Center & IBM
  • Easy Highway Connectivity with Immediate Access to US-9

Exclusively Listed By

  • Matthew Gault

    Licensed Real Estate Salesperson

    (914) 220-9745

    Email Matthew

    License(s): NY: 10401313423

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, MA: 138295, CT: REB.0239741, NJ: 9210310

    Westchester

Financing By

Listing Price: $10,999,000

Cap Rate
5.90%
Number of Units
49
Occupancy
98.0%
Price/Unit
$224,469
Price/Gross SF
$177.36
Gross SF
62,016

Investment Highlights

  • Turn Key Property with Luxury Finishes and Market Rents - 98% Occupied
  • Accelerated Migration from NYC Residents in Wake of COVID
  • Per Bloomberg, the City of Poughkeepsie is the 8th Most Popular Relocation Destination in the US
  • Located Less than a Mile to Metro North
  • Major Employers Nearby Including: Marist College, Vassar College, Vassar Brothers Medical Center & IBM
  • Easy Highway Connectivity with Immediate Access to US-9

Investment Overview

Marcus & Millichap has been retained as the exclusive broker for the sale of 40 Cannon Street located in Poughkeepsie, New York. This former Kings Court Hotel is situated along the Hudson River, approximately 80 miles north of Manhattan. The property has been gut renovated and repurposed into 49 luxury apartments including two penthouses and four retail spaces. The subject property is a five-story elevator building with a double tower configuration, connected by a lobby/gallery.

Exclusively Listed By

  • Matthew Gault

    Licensed Real Estate Salesperson

    (914) 220-9745

    Email Matthew

    License(s): NY: 10401313423

    Westchester

  • Kodi Traver

    Licensed Real Estate Salesperson

    (914) 220-9758

    Email Kodi

    License(s): NY: 10401335618

    Westchester

  • Joseph French Jr.

    Licensed Associate Real Estate Broker

    (914) 220-9740

    Email Joseph

    License(s): PA: AB067393, NY: 10301207036, MA: 138295, CT: REB.0239741, NJ: 9210310

    Westchester

Financing By

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