690-696 River StTroy, NY 12180

For Sale
$2,000,000

High-return mixed-use property in Troy, NY

Overview

Added:
Dec 11, 2024
Days on market:
93
This mixed-use property in Troy, NY, offers a compelling investment opportunity. Priced at $2,000,000, this 1,636 square foot property boasts an 8.10% cap rate, with potential to reach 10% or higher. The property includes a fully equipped car wash featuring top-of-the-line equipment entirely replaced in 2020. This includes a complete Balanger & Sonny's Tunnel System with Innovation Control System, a Sonny's Banana Peel 120' Conveyor System with Hydraulic Pump Drive, and a Carolina Pride Express 4 Bay Self Serves system. The car wash features radiant heating on tunnel entrance and exit pads, and self-serve floors with 10' runouts. Adding to the income stream, a three-bay service garage and office area are currently leased, generating substantial additional revenue. The property sits on a 0.4-acre lot, strategically located on River Street with high traffic counts (AADT 11372 & AADT 5289). This location benefits from Troy's ongoing revitalization, presenting significant growth potential. The property is classified as retail and mixed-use, offering a value-add investment opportunity with a modified lease and multi-tenancy. A virtual tour is available for a comprehensive view of this exceptional property.

Highlights

  • 2020-installed state-of-the-art car wash equipment.
  • 8.1% current cap rate, with potential to exceed 10%.
  • Prime location poised for growth due to Troy's revitalization.
  • Radiant heating on tunnel entrances/exits; 10' runouts on self-serve bays.
  • Complete Balanger & Sonny's tunnel system (2020), including Sonny's Banana Peel conveyor system (2020) and Carolina Pride Express 4-bay self-serve system (2020).
  • High-traffic location (AADT 11372 & 5289).

Property Details for 690-696 River St

Property type
Other retail properties, Other mixed-use properties
Square Feet
1,636 SF
Lot Size (sq. ft)
17,424 SF

Location Insight

City
Troy
County
Rensselaer
State
New York
Latitude
42.7456568
Longitude
-73.6833708
690-696 River St, Troy, New York

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690-696 River St
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