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$ 2,900,000
Est. payment | /mo
4,791 Sqft Lot
$ 2,900,000
Est. payment | /mo
4,791 Sqft Lot
Key Details
Property Type Commercial
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID H6323921
HOA Y/N No
Rental Info No
Lot Size 4,791 Sqft
Acres 0.11
Property Sub-Type Unimproved Land
Source onekey2
Property Description
50 Academy Street, Poughkeepsie, NY 12601
Price: $2,900,000 | 4-Unit Apartment Building | Redevelopment Opportunity
Located in the heart of Poughkeepsie's rapidly growing Innovation District, 50 Academy Street offers an exceptional mixed-use redevelopment opportunity. This 4-unit, 2-story, 2,800-square-foot apartment building sits on 1.11 acres across 11 parcels, making it one of the largest assemblages available in downtown Poughkeepsie. With its strategic location, flexible zoning, and strong demand for residential rentals, this property is ideal for developers seeking to capitalize on Poughkeepsie's continued growth and revitalization.
Zoning & Development Potential
The property is zoned PID-B (Poughkeepsie Innovation District B) and MU-5 (Mixed-Use 5), offering high-density residential and commercial development potential.
PID-B Zoning: Allows up to 9 stories (120 ft) with affordable housing inclusion
MU-5 Zoning: Allows up to 7 stories (94 ft) with affordable housing inclusion
Permitted Uses: Multifamily residential, retail, office, hospitality, medical, live-work housing, student housing, performing arts, and food service
No Historic Restrictions: The property is not located within a City Historic District
Several conceptual massing studies by Tinkelman Architecture demonstrate the site's potential:
Option A: 35 residential units / 26 parking spaces
Option B: 55 residential units / 28 parking spaces
Option C: 76 residential units / 52 parking spaces
Option D: 116 residential units / 49 parking spaces
This flexibility makes it ideal for mixed-use, multifamily, or residential redevelopment.
Parking & Incentives
The site offers on-site parking design flexibility, including the potential for a Planning Board waiver or fee-in-lieu of parking. Additionally, it is adjacent to a municipal parking lot at 50 Cannon Street, providing 210+ spaces within 50 feet.
The City of Poughkeepsie supports development in its Innovation District, creating potential opportunities for incentives and streamlined planning approvals.
Prime Downtown Location
Centrally located, 50 Academy Street is within walking distance to:
Restaurants, cafés, and boutique shops
Art centers and the historic Barrett Art Center
Vassar Brothers Medical Center, a major employer in the area
The property also offers easy access to major transportation routes, including Route 9, the Mid-Hudson Bridge, and Metro-North Railroad, connecting Poughkeepsie to New York City and surrounding Hudson Valley communities.
Investment Highlights
Prime urban infill location in a growing downtown market
High-density development as-of-right with significant bonus potential
Strong residential rental demand in Poughkeepsie's revitalized core
Flexible mixed-use zoning for a variety of income-producing options
This is a rare opportunity to acquire a large, strategically located parcel with unmatched redevelopment potential in one of the Hudson Valley's most dynamic growth markets.
Price: $2,900,000 | 4-Unit Apartment Building | Redevelopment Opportunity
Located in the heart of Poughkeepsie's rapidly growing Innovation District, 50 Academy Street offers an exceptional mixed-use redevelopment opportunity. This 4-unit, 2-story, 2,800-square-foot apartment building sits on 1.11 acres across 11 parcels, making it one of the largest assemblages available in downtown Poughkeepsie. With its strategic location, flexible zoning, and strong demand for residential rentals, this property is ideal for developers seeking to capitalize on Poughkeepsie's continued growth and revitalization.
Zoning & Development Potential
The property is zoned PID-B (Poughkeepsie Innovation District B) and MU-5 (Mixed-Use 5), offering high-density residential and commercial development potential.
PID-B Zoning: Allows up to 9 stories (120 ft) with affordable housing inclusion
MU-5 Zoning: Allows up to 7 stories (94 ft) with affordable housing inclusion
Permitted Uses: Multifamily residential, retail, office, hospitality, medical, live-work housing, student housing, performing arts, and food service
No Historic Restrictions: The property is not located within a City Historic District
Several conceptual massing studies by Tinkelman Architecture demonstrate the site's potential:
Option A: 35 residential units / 26 parking spaces
Option B: 55 residential units / 28 parking spaces
Option C: 76 residential units / 52 parking spaces
Option D: 116 residential units / 49 parking spaces
This flexibility makes it ideal for mixed-use, multifamily, or residential redevelopment.
Parking & Incentives
The site offers on-site parking design flexibility, including the potential for a Planning Board waiver or fee-in-lieu of parking. Additionally, it is adjacent to a municipal parking lot at 50 Cannon Street, providing 210+ spaces within 50 feet.
The City of Poughkeepsie supports development in its Innovation District, creating potential opportunities for incentives and streamlined planning approvals.
Prime Downtown Location
Centrally located, 50 Academy Street is within walking distance to:
Restaurants, cafés, and boutique shops
Art centers and the historic Barrett Art Center
Vassar Brothers Medical Center, a major employer in the area
The property also offers easy access to major transportation routes, including Route 9, the Mid-Hudson Bridge, and Metro-North Railroad, connecting Poughkeepsie to New York City and surrounding Hudson Valley communities.
Investment Highlights
Prime urban infill location in a growing downtown market
High-density development as-of-right with significant bonus potential
Strong residential rental demand in Poughkeepsie's revitalized core
Flexible mixed-use zoning for a variety of income-producing options
This is a rare opportunity to acquire a large, strategically located parcel with unmatched redevelopment potential in one of the Hudson Valley's most dynamic growth markets.
Location
State NY
County Dutchess County
Interior
Heating Baseboard, Natural Gas
Cooling None
Fireplace No
Exterior
Parking Features Other, Parking Lot
Building
Lot Description Historic District, Level
Foundation Other
Sewer Public Sewer
Water Public
Structure Type Brick,Other
Schools
High Schools Poughkeepsie City
School District Poughkeepsie City
Others
Special Listing Condition None
Listed by K. Fortuna Realty, Inc.
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