1-3 Henry W Dubois Drive, New Paltz, NY 12561 (MLS# 20202821)
$885,000
New Paltz, NY 12561
MLS# 20202821
Status: Closed
6750 sqft
1 / 24
Property Description
Prime 6,750-square-foot multi-tenant office building in the Village of New Paltz. High-visibility corner lot at North Chestnut (Rt 32 N) and Henry W. DuBois Drive, with 7,400 passing vehicles per day. A new Stuart's is being built directly across Henry W. DuBois from the building, with a new traffic light that will enhance exposure, convenience, and asset value. Zero Place, a 46-unit state-of-the-art residential development, is nearing completion one block to the north, and the Empire Trail rail trail system is being extended along Henry W. DuBois in front of the building. A major renovation of the entire building was completed 10 years ago when the school district moved into the building, including new high-efficiency heat pump HVAC, upgraded electrical service, new wiring, new windows, fire safety system, and high-speed fiber optic connectivity. Four bathrooms, plus many additional sinks, with municipal water and sewer. Approximately 30 off-street parking spaces. Current tenants include popular beauty salon JEM Hair Studio, custom screen printer Hudson Valley Impressions, and Justino Chiropractic Wellness Center. All tenants are currently paying rent. There is 1,800 sf of available space that can either be leased out to new tenants or utilized by a user/buyer. Contact listing broker for full financials. This is a high quality building with significant value-add opportunities. Concepts include re-configuring the space to create smaller office suites that can achieve premium rents per square foot - there are no load bearing internal walls, so the there is complete design flexibility. The building is also very well suited to single-tenant occupancy (that is what it was designed for by the school district). An office condo or co-op strategy could also be very profitable. With 0.78 acres to work with, the property is a great mixed-use development site - either now, or in the future. High-density NBR zoning supports a development of significant scope. The offering price of less than $150 psf is a great deal, especially given the extremely positive market trends unfolding in New Paltz, the outstanding location of the property, and the upgraded, high-performance mechanical systems in the building.
Details
Contract Information
Listing Agreement: Exclusive Agency
Owner Name: Ruger
Owner Phone: 0
Current Price: $885,000
Original List Price: 985000
Sold Price: $885,000
Status: Closed
Listing Contract Date: 2020-07-24
Property Sub Type: Office
Location, Tax, and Legal
Township: New Paltz
General Tax: 7029
School Tax: 14547
Village Tax: 3304
Tax Assessed Value: 627000
Tax Legal Description: 20,2,1-3 Henry W DuBois
Tax Lot: 20
Tax Block: 2
Zoning Description: NBR
Directions: From New Paltz Main Street turn north onto North Chestnut/32 N. Property is on northeast corner of North Chestnut and Henry W. DuBois Drive, on your right.
General Property Information
Number Of Units Total: 6
Lot Size Acres: 0.78
Lot Size Dimensions: 0.78 acres
Sign On Property YN: No
List Price/SqFt: 145.93
Sold Price/SqFt: 131.11
Living Area: 6750
Year Built: 1974
Remarks and Miscellaneous
Public Remarks: Prime 6,750-square-foot multi-tenant office building in the Village of New Paltz. High-visibility corner lot at North Chestnut (Rt 32 N) and Henry W. DuBois Drive, with 7,400 passing vehicles per day. A new Stuart's is being built directly across Henry W. DuBois from the building, with a new traffic light that will enhance exposure, convenience, and asset value. Zero Place, a 46-unit state-of-the-art residential development, is nearing completion one block to the north, and the Empire Trail rail trail system is being extended along Henry W. DuBois in front of the building. A major renovation of the entire building was completed 10 years ago when the school district moved into the building, including new high-efficiency heat pump HVAC, upgraded electrical service, new wiring, new windows, fire safety system, and high-speed fiber optic connectivity. Four bathrooms, plus many additional sinks, with municipal water and sewer. Approximately 30 off-street parking spaces. Current tenants include popular beauty salon JEM Hair Studio, custom screen printer Hudson Valley Impressions, and Justino Chiropractic Wellness Center. All tenants are currently paying rent. There is 1,800 sf of available space that can either be leased out to new tenants or utilized by a user/buyer. Contact listing broker for full financials. This is a high quality building with significant value-add opportunities. Concepts include re-configuring the space to create smaller office suites that can achieve premium rents per square foot - there are no load bearing internal walls, so the there is complete design flexibility. The building is also very well suited to single-tenant occupancy (that is what it was designed for by the school district). An office condo or co-op strategy could also be very profitable. With 0.78 acres to work with, the property is a great mixed-use development site - either now, or in the future. High-density NBR zoning supports a development of significant scope. The offering price of less than $150 psf is a great deal, especially given the extremely positive market trends unfolding in New Paltz, the outstanding location of the property, and the upgraded, high-performance mechanical systems in the building.
Status Change Information
Status Change Timestamp: 2021-04-03
Buyer Financing: Conventional
Concessions Amount: 0
Major Change Timestamp: 2021-04-03T00:19:46Z
Major Change Type: Status Change
Purchase Contract Date: 2020-12-09
Close Date: 2021-04-02
Close Price: 885000
Book Information
Liber/Book: 51380
Page: 51380
Section: 86.26
Construction Materials
Brick: 1
Stone: 1
Cooling
Heat Pump: 1
Heating
Baseboard: 1
Heat Pump: 1
Sewer
Public Sewer: 1
Showing Considerations
Occupied: 1
Income and Expenses
Financials Available Y/N: Yes
Owner Pays
All Utilities: 1
Building Features
Office SqFt: 6750
Showing Information
Showing Instructions: Call listing broker.
Historical Information
UC Public Historical Remarks: Age: 41-60, Heat Source: Mixed
Location Tax and Legal
Street Number: 1-3
Street Name: Henry W Dubois
Street Suffix: Drive
County: Ulster
State: NY
Zip Code: 12561
Town (Taxable): New Paltz
Property Features
Construction Materials: Brick; Stone
Cooling: Heat Pump
Heating: Baseboard; Heat Pump
Owner Pays: All Utilities
Sewer: Public Sewer
Showing Considerations: Occupied
Listing Courtesy of New Paltz Properties
Listing Agent: Matthew Eyler