Remarks

This barn has been meticulously and creatively restored by the owners, a Manhattan-based architect and designer, who teamed up with exceptional carpenters and local tradespeople, leaving no detail overlooked. With actual rents plus rental projections giving this property an 8.8 cap rate, this is a special turnkey investment property which can immediately start cash flowing. The artfully renovated first floor of the barn offers 4,800 square feet of versatile leasable space, directly accessible from the street and protected by a covered porch. The space can be subdivided into as many as four distinct retail storefronts, and has plumbing stubbed out. Featuring concrete floors and abundant windows, the space is designed to provide a modern yet rustic charm, ideal for a variety of businesses and ready for build-out based upon their own unique use. Retail space market value is currently leasing between 18-25/sq ft in comparable spaces. Above the retail area lies the hauntingly beautiful event space, filled with preserved history and details that can provide a stunning backdrop for any event. This space has been meticulously restored and preserved to keep as much of the original barn as possible. Originally designed as a receiving platform to load and unload coal, grain, and lumber from the passing train, the large doors that once perfectly aligned with freight cars are still intact. The timbers in the loft are charred black, an ancient Japanese finishing technique called shou sugi ban, which is naturally resistant to mold, mildew, and insects. The structure has been evaluated by structural engineers, architects, and timber specialists, is sound and in excellent structural condition, with little to no sagging or deflection. When designing the overhead lighting for the soaring 20 foot tall ceilings, the designers installed lighting mimicking the constellations of Polaris, Ursa Minor, and neighboring stars, suspended at various heights creating a breathtaking magical atmosphere. Event space market value is estimated around 10,000 per event. Occupying the market and kitchen space is the cornerstone tenant, Vitsky Bakery. Beloved by locals and visitors alike, people travel near and far just to get their hands on one of their famous cardamom buns or other treats. Lines can often be seen wrapping around the block, a testament not only to the success of the bakery but also of the area's potential. Vitsky Bakery is currently operating on a month-to-month lease at 2,400/month. This market space was designed with a high-end coffee service in mind. Custom cabinetry, flexible and adaptable shelving, and high-end commercial appliances, including a high-temperature dishwasher, built-in ice maker, reach-in drink cooler with glass door, and dedicated electrical and plumbing connections for a commercial espresso machine were thoughtfully installed. Standout features also include new double insulated windows, sonos speaker sound system, and a custom fabricated Alaskan yellow cedar front door. Cabinetry, paneling, and millwork was all designed by the seller and architect Matthew Schnepf, and custom fabricated by master carpenters. The kitchen space includes extensive wiring and dedicated circuits for high-output appliances, a three-compartment sink with a hand spray, a vegetable wash sink, and a grease trap. Appliances include two True stainless steel reach-in refrigerators and one True stainless steel reach-in freezer. The outside storage shed holds extra storage space, as well as a 12x6 Coolbot Pro walk-in cooler. Wassaic is located just two hours north of Manhattan by car or train and is the last stop on Metro-North's Harlem line, which runs every two hours, seven days a week, throughout the year. The Wassaic train station is also accessible by foot or bike via the recently completed Harlem Valley Rail Trail, which extends another 46 miles north passing through Amenia, Millerton, and Copake.

Details

MLS#: 20244555
Price: $1,200,000

Style: Mixed Use
Sq Ft: 11388
Year Built: 1920

County: Dutchess
Tax Fee: 3216