three contiguous mixed-use buildings · 2018-09-26 · commercial group steven salomone associate...

COMMERCIAL GROUP

S T E V E N S A LO M O N EAssociate Real Estate BrokerM. [email protected]

Houlihan Lawrence Commercial Group800 Westchester Avenue, Suite 402-SRye Brook, NY 10573O. 914 798 4900

Excellent Income property consisting of 6 apartments and 3 retail storefronts buildingThis property offers excellent stabilized tenancy, immaculately detailed structures, and attractively appointed suites and apartments.With excellent return on capital, this property requires no capital investment and has income upside on rents. City sewer, water and gas and in the heart of the redevelopment excitement on the East side of Main Street in coveted Beacon NY.Property Specs:• 4,747 sq. ft. of residential• 5,007 sq. ft. of commercial• Lot Size: 0.16 acre• Space Type: Mixed Use• Zoning: CB

Three Contiguous Mixed-Use Buildings

4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

O F F E R E D AT $ 1 , 9 0 0 , 0 0 0

COMMERCIAL GROUP



Property Description: 458, 460-462 Main Street, Beacon NY 12508

The subject property is located on the east side of Main Street in the City of Beacon, County of Dutchess, and

State of New York. It can further be identified as Grid Number 6054, Block 37, Lots 085749, 087747 & 089746

in the records of the City of Beacon. The property consists of six residential apartments and three commercial

mixed-use suites in three building addresses on a ±0.16-acre tax lot.

Subject property has access to off street municipal parking area directly across the street. The property is 2

miles from the Beacon train station. The redevelopment around the subject property and the entire city as a

whole is one of the most dramatic revitalization success stories for New York State and the nation in the last 10

years. Beacon, New York has become an exemplary example of how to revive and sustain a community.

In doing so Beacon has become an international tourist destination for the arts and outdoor adventure activities.

The subject property benefits from the vast economic investments in tourism, arts, schools and development

projects to the area. Located on the East Side of Beacon’s business district the site is surrounded by vibrant

locally owned retail shops, antique stories, unique restaurants and cafés. Directly across Main Street is the

Howland Cultural Center offering innovative concerts, galleries showings and events for the local community.

The site is less than a block from the Beacon Theater. Recently purchased with active restoration plans in place

and a block from numerous newly renovated buildings, among them the Town Crier, which is walkable to the

property.

The subject property is situated within the Beacon City School District. Electricity, natural gas and water and

sewer are available and connected to the site.

Property Details4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

O F F E R E D AT $ 1 , 9 0 0 , 0 0 0

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Property Photos4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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Rent Roll4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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458-462 Main Street, Beacon NY

Commercial Tenants Monthly Annually Exp Annual Esc SF PSFBeacon Bath & Bubble 2,531$ 30,372$ 10/31/2020 3% 1,669 18.20$ Reservoir & Wood 2,369$ 28,428$ 4/30/2019 1,669 17.03$ Beacon Undeground 2,500$ 30,000$ 4/30/2020 3% 1,669 17.97$ Total 7,400$ 88,800$ 5,007

Residential Tenants Monthly Annually458 A 1,440$ 17,280$ 458 B 1,430$ 17,160$ 462 A 1,450$ 17,400$ 462 B 1,440$ 17,280$ 462 C 1,400$ 16,800$ 462 D 1,440$ 17,280$ Total 8,600$ 103,200$

Gross Rents 16,000$ 192,000$

COMMERCIAL GROUP



Income & Expenses4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

O F F E R E D AT $ 1 , 9 0 0 , 0 0 0

458-462 Main Street, Beacon NY9,765 SF

Income Annual PSFRent 192,000$ 19.66$ Water Income 862$ 0.09$ Gross Rents 192,862$ 19.75$ Less Vacancy 5,786$ 0.59$ Effective Rent 187,076$ 19.16$

ExpensesBuilding Supplies 1,794$ 0.18$ City Tax 458 6,851$ 0.70$ City Tax 460 19,372$ 1.98$ School Tax 458 18,307$ 1.87$ School Tax 460 7,174$ 0.73$ School Tax 462 7,281$ 0.75$ Cleaning 1,650$ 0.17$ Electric 458 388$ 0.04$ Electric 460 422$ 0.04$ Insurance 10,614$ 1.09$ Management at 3% 5,612$ 0.57$ Water 2,558$ 0.26$ Total Expenses 82,025$ 8.40$

Net Income 105,051$ 10.76$

COMMERCIAL GROUP



Location Overview4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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Location Overview

Main Street sits amidst the thriving redeveloped district in Beacon, New York. The redevelopment

around the property, and the entire city as a whole, is one of the most dramatic revitalization success

stories for New York State, and the nation in the last 10 years.

Beacon has become an exemplary example of how to revive and sustain a community. In doing so,

Beacon has become an international tourist destination for the arts and outdoor adventure activities.

The property benefits from the vast economic investments in tourism, arts, schools and development

projects in the area.

Located in Beacon’s business district the property is surrounded by vibrant locally owned retail shops,

antique stores, unique restaurants and cafes. It is also home to many museums and several historic

sites.

Popular places of interest include the Beacon Theater, Dia Art Center, Round House and the Towne

Crier Café.

Beacon is located in the southwest corner of Dutchess County in the Mid-Hudson Region,

approximately 90 miles south of Albany, New York, and approximately 65 miles north of New York City.

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Local Attractions4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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Demographics4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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Aerial View4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

O F F E R E D AT $ 1 , 9 0 0 , 0 0 0

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Regional Map4 5 8 - 4 6 2 M A I N S T R E E T B E A C O N , N Y

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The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of review by a prospective purchaser of certain information relating to the property mentioned herein (the “Property,), and is not to be used for any other purpose or made available to any other person without the prior written consent of HLCG. The material is subject to errors and omissions and based on part upon information supplied by sources deemed reliable.

three contiguous mixed-use buildings · 2018-09-26 · commercial group steven salomone associate...

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