Legal Two-Family
For Sale
$550,000
1 Union Road, Carmel, NY 10512
Separate lower apartment includes its own kitchen and private backyard access, with a deck and level outdoor area.
Property Size1,766 SF
Lot Size0.21 Acres
Days on Market65
Property Features for 1 Union Road
General Information
Standard status
Active
Size
1,766 SF
Lot size
0.21 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,082
Building Details
Building Size
1,766 SF
Year Built
1965
Buildings
1
Units
2
Listing Agency:
Howard Hanna Rand Realty
(845) 826-2444
Listed By:
Alyssa Carbone
(845) 826-2444
Source:
Maurafinnegan
Added: Jun 26
Changed: Aug 27
Last Checked: Aug 28 at 11:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
Located at 1 Union Road in Carmel, this legal two-family hi-ranch was built in 1965. The principal residence includes three bedrooms and two full bathrooms, while cathedral ceilings in the kitchen add volume and natural light. A separate lower-level apartment has its own kitchen and a private walkout to the backyard. Exterior features include a back deck and a level .21-acre lot. The roof is approximately 10 years old, and a whole-house portable generator is included. Hardwood floors remain beneath all upstairs carpeting.
The property is in the Carmel Central School District, near Lake Gleneida, Lake Mahopac, Sycamore Town Park, Centennial Golf Club, I-84, and Metro-North's Hudson Line.
The property is in the Carmel Central School District, near Lake Gleneida, Lake Mahopac, Sycamore Town Park, Centennial Golf Club, I-84, and Metro-North's Hudson Line.
Key Highlights
- Legal two‑family hi‑ranch on a level .21‑acre lot
- Main residence offers three bedrooms and two full baths
- Lower‑level legal apartment includes its own kitchen and private backyard walkout
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
$43,169
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
7.85%
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%
$863,380
$863.4K
Cap Rate 7%
$616,700
$616.7K
Cap Rate 9%
$479,656
$479.7K
Market Conditions
NOI Build-Up for 1,766 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
$81.6K $46.20/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$78.5K $44.44/SF
− OpEx
−$35.3K −$20.00/SF
NOI
$43.2K $24.44/SF
Area
Putnam County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$863,380
Cap Rate 7%
$616,700
Cap Rate 9%
$479,656
Alternative Uses
Best Use
Apartment 5plus
$616.7K
$539.6K – $719.5K
NOI $43,169 @ 7.0% cap · market cap 7.85%
Second Best
Multifamily LT 5
$417.6K
$365.4K – $487.2K
NOI $29,230 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$1.17M
$1.02M – $1.36M
NOI $81,735 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 10512, NY
24,664
Population
9,874
Households
2.5
Avg Household Size
46
Median Age
42%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
472
Density / Sq Mi
$124,519
Median Household Income
$62,393
Median Earnings
$1,607
Median Rent
$401,800
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?
Duplex - Separate lower apartment includes its own kitchen and private backyard access, with a deck and level outdoor area.
Where is this duplex located?
The property is located at 1 Union Road Carmel, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Legal two‑family hi‑ranch on a level .21‑acre lot; Main residence offers three bedrooms and two full baths; Lower‑level legal apartment includes its own kitchen and private backyard walkout
