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    3 Old Minisink Rd Ellenville, NY 12428

    Sponsored
    For Sale
    $849,990

    MULTI_FAMILY - Ellenville, NY

    Lot size:
    2.00 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 20 at 8:06 pm

    Property Features for 3 Old Minisink Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R/S-20
    Rooms
    Basement
    APN
    5689-090.002-0003-032.000-0000
    Parking
    10
    Parking features
    Off Street, Parking Lot, Driveway
    Basement
    Unfinished, Walk-Out Access, Full
    Appliances
    Dryer, Electric Range, Exhaust Fan, Oven, Refrigerator, Washer, Oil Water Heater
    Lot size
    2.00 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Oil, Hot Water(Heating)
    Water source
    Well

    Building Details

    Year built
    1930
    Floors in Building
    3
    Number of units
    5
    Flooring type
    Carpet, Combination, Hardwood, Laminate
    Building materials
    Stucco

    We can help!

    Listing Contact
    Karen Gauvin
    Karen Gauvin

    Our House Real Estate Group, LLC (845) 705-8093

    Listing agent Karen Gauvin

    Listing date Feb 20, 2026

    MLS# 961515

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Apartment Building Investment Opportunity

    This historic legal 5-unit apartment building presents a fantastic investment opportunity. The property features one updated 2-bedroom, 1-bath unit, along with four additional 1-bedroom, 1-bath units. The building is fully occupied, generating a yearly income of $75,600. The property has a 6% cap rate. All tenants are currently on month-to-month leases, suggesting potential for increased rental income. Each unit has individual thermostats, and tenants are responsible for their electric bills, which are separately metered. The landlord covers the costs of heat, hot water, and trash removal. A new roof has been installed, and a large shed is included on the property. Situated on over 2 acres, the property offers mountain views. Formerly the Boxers Lakewood Hotel, the property is located in Ellenville, NY, an area known for its strong community feel and abundant outdoor activities in the Shawangunk Mountains. The area also features a burgeoning arts scene. Fishing is available in the nearby Leurenkill stream. An adjacent 3,508 square foot single-family residential/commercial property at 1 Old Minisink Road is also available for sale on 1.1 acres, featuring 5 bedrooms and 3.5 baths. The zoning is R/S-20.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Ellenville
    County
    Ulster
    State
    New York
    Longitude
    -74.4565
    Latitude
    41.7473

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied 5-unit apartment building with mountain views.
    Where is this apartment building located?
    The property is located at 3 Old Minisink Rd Ellenville, NY.
    What is the asking price?
    The asking price for this property is $849,990.
    What are key features of this property?
    This property features: - Legal 5-unit apartment building, fully occupied, generating $75,600 yearly income.; - 6% CAP Rate with a Net Operating Income (NOI) of $53,403/year.; - Potential for increased rental income due to month-to-month leases.
    (845) 705-8093
    Request Owner's contact information
    3 Old Minisink Rd Ellenville, NY 12428
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    Ellenville, NY 12428
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3 Old Minisink Rd Ellenville, NY 12428
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    We can help!
    Listing Contact
    Karen Gauvin
    Karen Gauvin
    Real Estate License ID: 10491212126
    (845) 705-8093
    Learn more
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