Duplex Property with Garage
For Sale
$654,000
2439 County Route 5, New Lebanon, NY 12125
MULTI_FAMILY - Other - New Lebanon, NY
Property Size2,000 SF
Lot Size22.20 Acres
Price / SF$327
Days on Market47
Property Features for 2439 County Route 5
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Rural
Bedrooms
3
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1, Laundry Room, Bathroom 2, Bedroom 2
Parking
12
Parking features
Open, Garage, Driveway
Interior features
Vaulted Ceiling(s), Solid Surface Counters, Paddle Fan, Walk-In Closet(s), Ceramic Tile Bath
Fireplace
1
Basement
Full
Lot features
Private, Level, Landscaped, Road Frontage, Sloped, Views
View
Hills
Elementary school district
New Lebanon
Middle school district
New Lebanon
High school district
New Lebanon
Directions
I90 East to US 20E, to County RTE 5
Standard status
Active
APN
104800 19.-1-59
Size
2,000 SF
Lot size
22.20 Acres
Taxes and HOA fees
Tax Annual Amount
8213
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Amenities
heated garage and workshop
sunroom
Building Details
Year built
1961
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Vinyl Siding, Wood Siding
Roof type
Asphalt
Architectural style
Other
Additional Structures
Residence
Listing Agency:
Howard Hanna Capital Inc
(518) 489-1000
Listed By:
Sandy A Speranza · License #40SP1007987
(518) 331-8036
Added: Jun 27
Changed: Aug 7
Last Checked: Aug 12 at 3:06PM
MLS# 202620622
Copyright © 2026 Global MLS, Inc. 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 duplex property includes a 2,000-square-foot Cape-style residence with three bedrooms, a home office, sunroom, fireplace, forced-air heat, and central air. A 28' x 36' heated garage and workshop provides storage and vehicle space, while a separate 960-square-foot apartment above includes its own septic system. The property is served by a well and septic tank and includes open parking, a driveway, hardwood and ceramic tile flooring, and vinyl and wood siding.
Set on 22.2 acres in New Lebanon, the property backs directly to Hand Hollow State Forest, providing access to hiking and snowmobiling from the grounds. Jiminy Peak is approximately 20 minutes away, Albany is 30 minutes away, and Lebanon Valley Speedway is 5 minutes away. Chatham and the Berkshires are also within a short drive.
Set on 22.2 acres in New Lebanon, the property backs directly to Hand Hollow State Forest, providing access to hiking and snowmobiling from the grounds. Jiminy Peak is approximately 20 minutes away, Albany is 30 minutes away, and Lebanon Valley Speedway is 5 minutes away. Chatham and the Berkshires are also within a short drive.
Key Highlights
- 22.2 acres backing directly to Hand Hollow State Forest
- 2,000‑square‑foot Cape‑style residence with 3 bedrooms and a home office
- Separate 960‑square‑foot apartment above the garage
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
$21,433
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
3.28%
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%
$428,660
$428.7K
Cap Rate 7%
$306,186
$306.2K
Cap Rate 9%
$238,144
$238.1K
Market Conditions
NOI Build-Up for 2,000 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
$32.4K $16.20/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$30.6K $15.31/SF
− OpEx
−$9.2K −$4.59/SF
NOI
$21.4K $10.72/SF
Area
Columbia County, NY
Vacancy
5.50%
Lease Rate
$16.20 /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%
$428,660
Cap Rate 7%
$306,186
Cap Rate 9%
$238,144
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,433 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$268.7K
$235.1K – $313.5K
NOI $18,810 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$494.8K
$433.0K – $577.3K
NOI $34,637 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 12125, NY
1,478
Population
619
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
96%
High-School Grad
16.0 sq mi
ZIP Area
92
Density / Sq Mi
$67,596
Median Household Income
$41,489
Median Earnings
$983
Median Rent
$247,500
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-residence property with a heated workshop, separate apartment, and direct access to Hand Hollow State Forest.
Where is this duplex located?
The property is located at 2439 County Route 5 New Lebanon, NY.
What is the asking price?
The asking price for this property is $654,000.
What are key features of this property?
This property features: 22.2 acres backing directly to Hand Hollow State Forest; 2,000‑square‑foot Cape‑style residence with 3 bedrooms and a home office; Separate 960‑square‑foot apartment above the garage
