Lender-Owned Mixed-Use Apartments

RI Marketplace Online Auction Oct 14-16, 2024

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Property Description

Marcus & Millichap, in conjunction with Real Insight Marketplace, are pleased to present the opportunity to acquire 221 GLEN STREET, a mixed-use property consisting of 29 apartment units as well as 10,450 SF of ground floor commercial space located in the charming City of Glens Falls, NY. The building is situated on .28 acres, benefits from a lease securing fifty parking spaces proximate to the property and possesses a fully fit out basement for potential future amenity spaces. Originally constructed for the Glens Falls YMCA, the beautiful Beaux Arts Property was meticulously renovated and modernized in 2014 into a mix of residential and commercial spaces consisting of: » 9 Studios » 6 One-bedroom/one-bath units » 6 One-bedroom/one-and-one-half-bath loft units » 8 Two-bedroom/one-and-one-half-bath units » 10,450 SF of ground floor commercial space currently subdivided into three suites Thirteen units have a full-size washer and dryer complemented by two laundry centers as well as multiple storage closets on the residential floors. The 2014 renovation created contemporary units that compete with Class A properties including stainless steel appliances, granite countertops, modern wood cabinets and vanities, and updated lighting while still preserving the historic charm of the original building. Opportunities remain to enhance the unit finishes with additional faux wood flooring, lighting, and hardware upgrades. The signature property, situated immediately on Glen Street, possesses a desirable walkable environment in the middle of vibrant and charming downtown Glens Falls offering numerous restaurants, shops, and nightlife. 221 Glen Street’s Walkscore of 89 indicates a very walkable environment. 221 Glen Street is a well maintained, recently renovated asset that has demonstrated strong rental growth under current ownership with the ability to continue increasing rents from unit enhancements as well as benefiting from the continued stability and growth of the Greater Albany, NY market. Significant upside is available in completing the leasing of the two currently vacant commercial suites, a compelling opportunity for a successful tax appeal as well as more focused management and leasing. Offered free and clear of existing debt.

Ralph Passono, Jr., Auctioneer

Fisher Auction Company Inc. License: 1 NY Broker No.:10311203946