Renovated 3-Unit
For Sale
$329,000
Pending
3 Maiden Lane, Chatham, NY 12037
Residential Income, Chatham, NY
Property Size1,800 SF
Lot Size0.05 Acres
Days on Market185
Property Features for 3 Maiden Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
3 Family - 230
Zoning description
Multi Family
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1, Basement, Bedroom 2
Parking features
On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Eat-in Kitchen
Exterior features
Private Entrance
Basement
Full, Unfinished
Appliances
Refrigerator, Electric Range
Lot features
Back Yard, Gentle Sloping
Elementary school district
Chatham Central Schools
Middle school district
Chatham Central Schools
High school district
Chatham Central Schools
Directions
Hudson Ave to Maiden Lane to #3
Subdivision
Chatham
Standard status
Pending
APN
66.9-2-29
Size
1,800 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4902
Utilities
Sewer type
Public Sewer
Heating system
Oil
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Laminate, Vinyl, Wood
Building materials
Frame
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Country Life Real Estate, LLC
(518) 392-6600
Listed By:
Philip Feiner
(212) 495-9927
Added: Mar 10
Changed: Sep 7
Last Checked: Sep 10 at 12:06AM
MLS# 20260867
Copyright © 2026 Hudson Valley Catskill Region MLS. 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 1,800-square-foot Colonial multifamily property contains three one-bedroom apartments in a frame building constructed in 1910. The apartments include eat-in kitchens, ceiling fans, wood, laminate, and vinyl flooring, along with refrigerators and electric ranges. A porch, private entrance, basement, and on-street parking are also provided.
Renovations include high-efficiency heating units in each apartment, plus a newer boiler and hot water heater. The asphalt roof was replaced in 2014. Public water and public sewer serve the property, which is located in Chatham Village, New York, on a 0.05-acre lot. Zoning is 3 Family - 230.
Renovations include high-efficiency heating units in each apartment, plus a newer boiler and hot water heater. The asphalt roof was replaced in 2014. Public water and public sewer serve the property, which is located in Chatham Village, New York, on a 0.05-acre lot. Zoning is 3 Family - 230.
Key Highlights
- Three one‑bedroom apartments within a 1,800‑square‑foot multifamily building
- High‑efficiency heating units in each apartment
- New boiler and hot water heater
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
$19,289
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
5.86%
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%
$385,780
$385.8K
Cap Rate 7%
$275,557
$275.6K
Cap Rate 9%
$214,322
$214.3K
Market Conditions
NOI Build-Up for 1,800 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
$29.2K $16.20/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$27.6K $15.31/SF
− OpEx
−$8.3K −$4.59/SF
NOI
$19.3K $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%
$385,780
Cap Rate 7%
$275,557
Cap Rate 9%
$214,322
Alternative Uses
Best Use
Multifamily LT 5
$275.6K
$241.1K – $321.5K
NOI $19,289 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$241.8K
$211.6K – $282.2K
NOI $16,929 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$445.3K
$389.7K – $519.6K
NOI $31,173 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 12037, NY
3,895
Population
2,035
Households
1.9
Avg Household Size
51
Median Age
47%
College-Educated
95%
High-School Grad
36.2 sq mi
ZIP Area
108
Density / Sq Mi
$93,990
Median Household Income
$50,471
Median Earnings
$1,006
Median Rent
$345,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom apartments include private entrances, porches, and high-efficiency heating improvements.
Where is this triplex located?
The property is located at 3 Maiden Lane Chatham, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Three one‑bedroom apartments within a 1,800‑square‑foot multifamily building; High‑efficiency heating units in each apartment; New boiler and hot water heater
