40 S Hamilton Street
Poughkeepsie, NY, 12601 $ 735,000
Baths0.0 Sq 6,900 Monthly Estimate*
$ 4,641
Studio for $735,000. This 6,900 square foot home was built in 1890 on a lot size of 0.34.
Investment Opportunity – High Cash Flow Property in the Heart of Poughkeepsie Presenting 40 S. Hamilton Street, a rare opportunity to acquire a proven income-producing property in the City of Poughkeepsie. This well-established rooming house consists of nine private single-occupancy rooms, seven bathrooms, providing affordable and independent living accommodations that serve a critical role in the local housing market. This property is a grandfathered rooming house (meaning no other property can be zoned as a rooming house without a special permit). Coin operated laundry also included in the basement. The property has demonstrated strong and consistent performance, currently generating approximately $100,000 in annual gross rental income with a current NOI of $49,315. Residents enjoy access to shared common areas including a communal kitchen, lounge, and hallway facilities on each floor, creating a practical and cost-effective housing solution for tenants. Situated on a generous lot, the property features a large rear driveway with ample off-street parking, a valuable amenity for both tenants and management. A substantial basement provides additional storage space and operational flexibility. For investors seeking immediate cash flow, this property is generating income from day one. Beyond its current performance, there are multiple avenues for future upside. Four apartment conversion is allowed by right. If you split the lot, you can build eight apartments on a knockdown. Student housing is also permitted outright (with Marist, Vassar, Dutchess Community College, and CIA nearby). You can also continue operating as a successful rooming house rental property. The combination of strong in-place income, parking, storage, and future value-add potential makes this an attractive acquisition for both experienced and aspiring investors. Additionally, there is a small parking lot in the rear of the building. Whether you're looking to expand your portfolio with a stabilized asset or capitalize on redevelopment and repositioning opportunities, 40 S. Hamilton Street offers a compelling blend of cash flow, flexibility, and long-term potential in a growing rental market.
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FeaturesInteriorInterior Amenities Built-in Features Other
Basement Full Partially Finished Storage Space
Basement Features Full Partially Finished Storage Space
Basement (Y/N) Y
Total Bedrooms 0
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GeneralSewer Public Sewer
Heating Natural Gas Other
Cooling None
Utilities Cable Available Electricity Available Trash Collection Public Water Available
Construction Materials Brick
Year Built 1890
Property Subtype Quadruplex
Tax Year 2025
Parcel Number 131300-6161-22-162944-0000
County Dutchess County
Property Type Residential Income
Garage Y/N N
Full Baths 0
High School Poughkeepsie High School
City Poughkeepsie
Senior Community Y/N N
High School District Poughkeepsie City
Number Of Units Total 9
Carport Y/N N
Elementary School Gov George Clinton School
Property Attached Y/N N
Tax Annual Amount 17939.8
Middle/Junior High School Poughkeepsie Middle School
Building Area Units Square Feet
Standard Status Active
Middle/Junior School District Poughkeepsie City
Elementary School District Poughkeepsie City
Tax Assessed Value 525000
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ExteriorParking Features Driveway Driveway
Water Source Public
Building Area Total 6900
Waterfront Y/N N
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $4,641
- Monthly Property Taxes
- $1,495
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Poughkeepsie, NY
Average List Price $480,415
Percent of Sale Price 35%
About Poughkeepsie, NY 43,807 Population
3% Since 2002
$ 70,219 Median Income
37.23 Median Age
30% Households with Children
Trends Information provided by ATTOM Data Solutions.
4892178 Elementary School
4892033 Middle School
Poughkeepsie High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 9/1/2026 | $735,000 | | Listed Price |