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    7 Smith Street Red Hook, NY 12571

    View on Map
    Pending
    $299,900

    MULTI_FAMILY - Red Hook, NY

    Lot size:
    0.51 Acres
    Added:
    Nov 20, 2025
    Days on Market:
    132
    Last Refresh:
    Apr 1 at 8:06 am

    Property Features for 7 Smith Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 3
    Parking features
    Driveway
    Interior features
    First Floor Bedroom, First Floor Full Bath, Cathedral Ceiling(s), Eat-in Kitchen, In-Law Floorplan, Kitchen Island, Open Floorplan, Open Kitchen, Primary Bathroom, Master Downstairs, Quartz/Quartzite Counters, Storage, Walk-In Closet(s), Washer/Dryer Hookup
    Basement
    Crawl Space
    Standard status
    Pending
    APN
    134801-6272-09-180653-0000
    Lot size
    0.51 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    8189

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Septic Tank
    Heating system
    Electric (Heating)
    Water source
    Public

    Building Details

    Year built
    1988
    Number of units
    2
    Building materials
    Frame
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Derek J. Greene

    Listing agent Derek J. Greene License #10371200613

    Listing office Greene Realty Group 4 Field Way, Worcester, NY

    Listing date Nov 20, 2025

    MLS# 937602

    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.

    Overview

    Fixer-Upper with Income Potential

    Located in the village of Red Hook, this property presents a renovation opportunity. The property includes a single-family home with a legal accessory unit, situated on a 0.51-acre lot. The house is privately located at the back of the property. Demo and prep work has been completed. Architectural plans are available for a finished product that includes over 2,400 square feet of living space. The planned layout features a large kitchen with vaulted ceilings, an open living room and home office, and three bedrooms, including a master suite. A second-floor studio unit with a private exterior entrance is designed for rental income or use as a guest suite. The property also includes a large, detached garage or workshop. The architectural plans include conceptual renderings for visualization purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Red Hook
    County
    Dutchess
    State
    New York
    Longitude
    -73.88491
    Latitude
    41.993365

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    FAQs

    What type of property is this?
    Single family property - Red Hook village home with accessory unit and renovation potential.
    Where is this single family property located?
    The property is located at 7 Smith Street Red Hook, NY.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: Fix & Flip opportunity in the Village of Red Hook with completed demo and prep work.; Includes a legal accessory unit, perfect for rental income.; Seller provides a survey and full set of completed architectural plans for a 2,400+ SF finished product.
    (860) 560-1006
    We can help!
    Listing Contact
    Derek J. Greene
    Real Estate License ID: 10371200613
    Learn More
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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
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