50 Academy Street
Property Description
Academy Street Development Opportunity Multi-Family + 2 Vacant Parcels | Value-Add + Redevelopment Potential Located in the heart of Downtown Poughkeepsie's rapidly evolving corridor, this Academy Street offering presents a rare opportunity to acquire a multi-family property along with two adjoining vacant parcels, ideal for both immediate income and future development. The existing multi-family structure features large residential units with strong rental potential, making it an attractive value-add investment. With renovations, this property can generate solid cash flow while providing a strategic hold for future expansion. What truly sets this offering apart are the two additional vacant parcels, creating a unique assemblage that opens the door to a variety of redevelopment possibilities. Whether expanding the current building, constructing new residential units, or creating a mixed-use concept, the flexibility here is a major advantage. Situated within the MU-5 (Mixed-Use 5) zoning district, the property allows for: Multi-family residential development Retail, office, and service-based uses Potential for up to 5 stories (with bonus height opportunities up to 7 stories) Developers and investors will appreciate the ability to maximize density in a high-demand rental market, all while being positioned near major amenities, transportation, and ongoing city revitalization efforts. Additional highlights include: Prime downtown location near business district, courthouse, and train station Strong rental demand in the area Flexible zoning supporting multiple development strategies Opportunity to create scale with adjacent parcels This is an ideal opportunity for an investor or developer looking to combine immediate income with long-term upside, in one of Poughkeepsie's most active growth areas.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $700,000 |
| No. of Units: | 3 |
| Year Built: | 1900 |
| Opportunity Zone: | No |
| Price per unit: | $233,333 |
| Property Website | Click Here |
| Number of Bedrooms: | 9 |
| Number of Bathrooms: | 3 |
ID: 3yd-MLSLINY-973933
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