Updated 7-Unit Rental
For Sale
$1,399,000
Pending
1 Royal Acres Drive, Middletown, NY 10940
MULTI_FAMILY - Middletown, NY
Property Size2,152 SF
Lot Size36.00 Acres
Days on Market61
Property Features for 1 Royal Acres Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Parking features
Driveway
Elementary school
Otisville Elementary School
Middle school
Minisink Valley Middle School
High school
Minisink Valley High School
Elementary school district
Minisink Valley
Middle school district
Minisink Valley
High school district
Minisink Valley
Standard status
Pending
APN
334489-007-000-0001-040.100-0000
Lot size
36.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
17258
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating)
Water source
Well
Water front features
Pond
Water front
1
Building Details
Year built
1945
Floors in Building
2
Number of units
7
Building materials
Frame
Listing Agency:
Keller Williams Hudson Valley · Keller Williams Realty
(845) 610-6065
Listed By:
Jonathon Z. Lee
(917) 747-6688
Added: Jun 1
Changed: Jun 11
Last Checked: Jul 31 at 2:06AM
MLS# 1007597
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.
Investment Insights
Based on property information with market context.
This is a 7-building residential rental property offering 36 acres of land in the town of Mount Hope. All seven buildings have been updated, and some are still undergoing further renovations. The configuration includes a main house with 2,152 square feet and at least 2–3 bedrooms, plus Unit 2 with 1,772 square feet and two bedrooms. The remaining units are one-bedroom apartments. The property also features a pond and a large, old barn, and the rear portion provides additional land for use.
The asset is zoned R1 and is described as grandfathered as a residential-commercial property. It sits among single-family residential properties, with access described as not far from shopping and highways. The property is located in the MiniSink School District.
From an operator’s standpoint, the unit mix can support both traditional yearly rentals and intermittent short-term use, as some units were used intermittently for Airbnb while others have been rented out as yearly rentals. For buyers or managers seeking a multi-building income property, the combination of completed updates, active renovations, and on-site land and amenities offers flexibility in how units and grounds can be managed over time.
The asset is zoned R1 and is described as grandfathered as a residential-commercial property. It sits among single-family residential properties, with access described as not far from shopping and highways. The property is located in the MiniSink School District.
From an operator’s standpoint, the unit mix can support both traditional yearly rentals and intermittent short-term use, as some units were used intermittently for Airbnb while others have been rented out as yearly rentals. For buyers or managers seeking a multi-building income property, the combination of completed updates, active renovations, and on-site land and amenities offers flexibility in how units and grounds can be managed over time.
Key Highlights
- 7‑building residential rental property on 36 acres in the town of Mount Hope
- All 7 buildings have been updated, with some units still undergoing further renovations
- Unit mix includes a 2,152 SF main house (at least 2‑3 bedrooms) plus Unit 2 at 1,772 SF with 2 bedrooms; remaining units are 1‑bedroom units
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.9k | $35.28 |
| − Vacancy | −$2.7k | −$1.27 |
| EGI | $73.2k | $34.01 |
| − OpEx | −$32.9k | −$15.30 |
| NOI | $40.3k | $18.71 |
2,152 SF · lease $35.28/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$575.1K
$503.2K – $670.9K
NOI $40,254 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.9K
$637.8K – $850.3K
NOI $51,020 @ 7.0% cap · market cap 3.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 10940, NY
52,803
Population
19,930
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
63.1 sq mi
ZIP Area
837
Density / Sq Mi
$87,198
Median Household Income
$46,435
Median Earnings
$1,600
Median Rent
$301,400
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?
Apartment building - Seven updated residential buildings offer a mix of unit types on 36 acres, with ongoing renovations at select structures.
Where is this apartment building located?
The property is located at 1 Royal Acres Drive Middletown, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 7‑building residential rental property on 36 acres in the town of Mount Hope; All 7 buildings have been updated, with some units still undergoing further renovations; Unit mix includes a 2,152 SF main house (at least 2‑3 bedrooms) plus Unit 2 at 1,772 SF with 2 bedrooms; remaining units are 1‑bedroom units
