17 S Chestnut Street

Description

Opportunity to acquire a fully-leased mixed-use building in the heart of the vibrant Village of New Paltz! High-visibility South Chestnut Street location, one block off Main Street. Ground floor retail unit is leased to successful and established Goodfellas Barber Shop. Lease through 2026, current rent of $2,278/mo, with 4% annual increases. Tenant pays all utilities. Upstairs renovated 3BR apartment leased through 5/30/24 for $2,000/mo. Tenant pays all utilities. Rear barn provides significant upside potential to new owner. The barn measures 550 sf on the ground floor and 350 sf on the second floor, for a total of 900 sf. Could be leased for storage at projected rent of $750/mo. Also potential to convert barn to residential. B-2 zoning allows apartments on second floor, and since building is set back off street, residential use may be allowed on ground floor of barn as well, provided it is ADA accessible. The main building was recently renovated, with new paint, redone floors both upstairs and down, new hot water heater, new propane boiler, and new refrigerator for apartment. Full financials available upon request.