54 Academy St
Listing Notes
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.
Price in context
Cheaper than 17% of the 24 homes listed nearby right now, which run $399,000 to $985,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 161 Union St | $399,000 | 4 bd · 2 ba |
| 63 Thompson St | $409,000 | 4 bd · 2 ba |
| 23 Virginia Ave | $419,900 | 4 bd · 2 ba |
| 94 Academy St | $425,000 | 6 bd · 2 ba |
| 151 Academy St | $449,500 | 4 bd · 3 ba |
| 17 Conklin St | $450,000 | 6 bd · 3 ba |
| 25 Conklin St | $450,000 | 3 bd · 3 ba |
| 292 Mill St | $459,000 | 2 bd · 3 ba |
| 32 N Bridge St | $460,000 | 3 bd · 3 ba |
| 55 Smith St | $480,000 | 2 bd · 2 ba |
| 17 Carroll St | $500,000 | 4 bd · 2 ba |
| 2 Wilbur Blvd | $500,000 | 3 bd · 1 ba |
| 1 Park Pl | $500,000 | 4 bd · 2 ba |
| 17 N Clover St | $529,000 | 5 bd · 3 ba |
| 152 Cannon St | $549,000 | 7 bd · 4 ba |
| 4 Eastman Ter Apt 1 | $550,000 | Studio |
| 21 Barnard Ave | $550,000 | 4 bd · 4 ba |
| 18 S Clinton St | $600,000 | 7 bd · 3 ba |
| 129 Academy St | $650,000 | 6 bd · 2 ba |
| 67 Academy St | $675,000 | 6 bd · 6 ba |
| 50 Academy St | $700,000 | 9 bd · 3 ba |
| 60 Noxon St | $755,000 | 12 bd · 4 ba |
| 112 Academy St | $799,990 | 6 bd · 4 ba |
| 79 Academy St | $985,000 | 6 bd · 6 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more