Renovated Duplex with Stream
For Sale
$395,000
193 Main Street, Andes, NY 13731
Residential, Andes, NY
Property Size2,184 SF
Lot Size0.30 Acres
Price / SF$180.86
Days on Market65
Property Features for 193 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Basement, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 3
Patio and Porch features
Porch, Deck
Interior features
CeilingFans, NaturalWoodwork
Exterior features
Balcony, Deck
Appliances
ElectricWaterHeater
Lot features
Flood Zone, Irregular Lot, Near Public Transit
Elementary school district
Andes
Middle school district
Andes
High school district
Andes
Directions
From Margaretville take Route 28 to Andes and continue to property on right had side of street.
Subdivision
Andes-122000
Standard status
Active
APN
122000-259-006-0005-005-000
Size
2,184 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
3627
Utilities
Heating system
Oil, Forced Air
Water source
Public
Water front features
River Access, Stream
Water front
1
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile, Varies
Building materials
Frame, VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Coldwell Banker Timberland Properties · Coldwell Banker Real Estate
(845) 586-3321
Listed By:
Jeffrey Ashton · License #40AS1141313
(973) 650-0035
Added: Jul 6
Changed: Sep 7
Last Checked: Sep 8 at 7:06AM
MLS# R1694426
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated two-family residence contains 2,184 square feet on a 0.3023-acre parcel. The property includes two apartments with separate electric service, laundry, and heating zones, creating distinct living arrangements within the building. The upstairs apartment features updated finishes, natural woodwork, hardwood and tile flooring, a balcony, and a deck. The home was built in 1900 with frame construction, vinyl siding, an asphalt roof, oil-fired forced-air heat, and public water.
Set on Main Street in Andes, the property provides access to a stream and a waterside setting along the Tremper Kill. Art galleries, cafes, a brewery, a bookstore, farm stands, and the Andes Hotel are described as walkable from the property. The upstairs apartment has operated as an Airbnb since 2008, while the lower apartment has been used as a long-term rental.
Set on Main Street in Andes, the property provides access to a stream and a waterside setting along the Tremper Kill. Art galleries, cafes, a brewery, a bookstore, farm stands, and the Andes Hotel are described as walkable from the property. The upstairs apartment has operated as an Airbnb since 2008, while the lower apartment has been used as a long-term rental.
Key Highlights
- 2,184 square feet of living space on 0.3023 acres
- Two apartments with separate electric, laundry, and heating zones
- Upstairs apartment has operated as an Airbnb since 2008
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,332
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$506,640
$506.6K
Cap Rate 7%
$361,886
$361.9K
Cap Rate 9%
$281,467
$281.5K
Market Conditions
NOI Build-Up for 2,184 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.9K $19.20/SF
− Vacancy
−$5.7K −$2.63/SF
EGI
$36.2K $16.57/SF
− OpEx
−$10.9K −$4.97/SF
NOI
$25.3K $11.60/SF
Area
Delaware County, NY
Vacancy
13.70%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$506,640
Cap Rate 7%
$361,886
Cap Rate 9%
$281,467
Alternative Uses
Best Use
Multifamily LT 5
$361.9K
$316.7K – $422.2K
NOI $25,332 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$331.2K
$289.8K – $386.4K
NOI $23,181 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$1.07M
$937.6K – $1.25M
NOI $75,007 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Explore this area
Business Placement
Demographics for 13731, NY
949
Population
1,165
Households
0.8
Avg Household Size
60
Median Age
32%
College-Educated
96%
High-School Grad
89.8 sq mi
ZIP Area
11
Density / Sq Mi
$76,429
Median Household Income
$52,622
Median Earnings
$1,000
Median Rent
$270,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer separate electric, laundry, and heating zones for flexible occupancy or rental use.
Where is this duplex located?
The property is located at 193 Main Street Andes, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,184 square feet of living space on 0.3023 acres; Two apartments with separate electric, laundry, and heating zones; Upstairs apartment has operated as an Airbnb since 2008
