Duplex Property With
For Sale
$849,000
32 Old Route 199, Red Hook, NY 12571
Residential Income, Red Hook, NY
Property Size3,500 SF
Lot Size4.00 Acres
Price / SF$242.57
Days on Market139
Property Features for 32 Old Route 199
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
7
Full bathrooms
5
Half bathrooms
2
Rooms
Bedroom 5, Bathroom 1, Bathroom 5, Bedroom 4, Bathroom 4, Laundry Room, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bathroom 6, Bathroom 7, Bedroom 2, Bathroom 2
Interior features
Master Downstairs
Fireplace
1
High school district
RED HOOK CENTRAL SCHOOL DISTRICT
Standard status
Active
APN
134889 6172-00-625810-0000
Size
3,500 SF
Lot size
4.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11470
Utilities
Heating system
Forced Air, Oil
Amenities
wood-burning fireplace
wood stove
decks
porches
cottage
sheep barn
chicken coops
organic vegetable gardening area
Building Details
Year built
1976
Floors in Building
1
Listing Agency:
JFIVE HOMES REALTY LLC
(845) 758-6842
Listed By:
Jennifer Fivelsdal
(845) 876-8600
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# 11715926
Copyright © 2026 My State 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 3,500-square-foot duplex property contains two residences created within a home originally designed as a single-family dwelling. The first unit includes four bedrooms, three bathrooms, and a finished basement. The second has two bedrooms and two bathrooms. Both units include a wood-burning fireplace and an additional wood stove, while decks and porches extend the usable living and entertaining areas. The property was built in 1976 and is heated with oil and forced air.
Set on 4 acres at the end of a private driveway in Red Hook, the property is within walking distance of the village. Supporting improvements include a cottage, a former sheep barn used for storage, chicken coops, and an area formerly dedicated to organic vegetable gardening. The first unit currently produces long-term rental income, and the second has been operated as an Airbnb.
Set on 4 acres at the end of a private driveway in Red Hook, the property is within walking distance of the village. Supporting improvements include a cottage, a former sheep barn used for storage, chicken coops, and an area formerly dedicated to organic vegetable gardening. The first unit currently produces long-term rental income, and the second has been operated as an Airbnb.
Key Highlights
- 3,500‑square‑foot duplex property on 4 acres
- Two residences with a 4‑bedroom, 3‑bathroom unit and a 2‑bedroom, 2‑bathroom unit
- Finished basement included with the larger unit
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
$64,940
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
7.65%
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%
$1,298,800
$1.3M
Cap Rate 7%
$927,714
$927.7K
Cap Rate 9%
$721,556
$721.6K
Market Conditions
NOI Build-Up for 3,500 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
$97.9K $27.96/SF
− Vacancy
−$5.1K −$1.45/SF
EGI
$92.8K $26.51/SF
− OpEx
−$27.8K −$7.95/SF
NOI
$64.9K $18.55/SF
Area
Dutchess County, NY
Vacancy
5.20%
Lease Rate
$27.96 /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%
$1,298,800
Cap Rate 7%
$927,714
Cap Rate 9%
$721,556
Alternative Uses
Best Use
Multifamily LT 5
$927.7K
$811.8K – $1.08M
NOI $64,940 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$859.0K
$751.6K – $1.00M
NOI $60,129 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.05M
$921.9K – $1.23M
NOI $73,749 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 12571, NY
9,600
Population
4,454
Households
2.2
Avg Household Size
47
Median Age
52%
College-Educated
95%
High-School Grad
58.1 sq mi
ZIP Area
165
Density / Sq Mi
$115,200
Median Household Income
$54,338
Median Earnings
$1,338
Median Rent
$386,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Four-acre setting with separate residences, rental history, fireplaces, decks, and multiple accessory structures.
Where is this duplex located?
The property is located at 32 Old Route 199 Red Hook, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 3,500‑square‑foot duplex property on 4 acres; Two residences with a 4‑bedroom, 3‑bathroom unit and a 2‑bedroom, 2‑bathroom unit; Finished basement included with the larger unit
