157 Vineyard AveHighland, NY 12528

This exceptional 95,000 square foot property, situated on a 2.9-acre lot in Highland, New York (157 Vineyard Ave, 12528), presents a compelling redevelopment opportunity. Currently operating as a B-Class apartment building with 40% occupancy, the property boasts significant upside potential. The existing structure, built in 1940 and renovated in 2012, features one two-story building with three loading docks and three dock-high doors, offering 16-foot ceiling heights. The property is zoned for industrial use, providing flexibility for various development scenarios. With a current asking price of $2,900,000 ($30.53/sq ft), a 6.90% cap rate, and a net operating income (NOI) of $200,000, this represents a strong investment opportunity. The lease is a net lease with a one-year term commencing September 1, 2024, and expiring September 1, 2025. The property is bank-owned and offers rent bump potential. The land value alone is estimated at $50 per square foot. This prime location in the Hudson Valley offers the lowest rental rates in the area, making it ideal for various projects including senior housing, assisted living, self-storage, multi-family development, cluster housing, or warehousing. The property is owned by an LLC.