Building Details

Year Built 1924

Buildings 2

Units 2

Tenancy Multi

Listing Agency: Exit Realty Connections s***@exitrealtyconnections.com Show Phone

Listed By: Susan Alex

Source: Crexi

Added: Aug 5 Changed: Aug 15 Last Checked: Aug 18 at 4:53AM

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Investment Insights

Based on property information with market context.

This duplex property comprises two separate residences on 9.6 wooded acres in Salt Point. The primary home, built in 1924, includes natural cherry hardwood floors, cathedral ceilings, sunlit living areas, and two fireplaces. A converted stable barn provides a second dwelling with an open-concept layout, while a detached two-car garage adds storage and workshop capacity. Outdoor space includes a deck oriented toward the wooded surroundings.

Both residences are occupied by long-term tenants, and tenants pay their own utilities. Each dwelling has its own well, septic system, electrical service, and oil tank. The property is zoned AR3A and positioned near the Taconic State Parkway, between Rhinebeck and Millbrook, with access to area vineyards, parks, hiking trails, farm markets, antique shops, cafés, and restaurants.

Key Highlights

• 9.6 wooded acres in Salt Point, NY
• Two separate residences, each with its own well, septic system, electric service, and oil tank
• Primary residence built in 1924 with cherry hardwood floors, cathedral ceilings, and 2 fireplaces

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

$59,967

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

6.66%

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%

$1,199,340 $1.2M

Cap Rate 7%

$856,671 $856.7K

Cap Rate 9%

$666,300 $666.3K

Market Conditions

NOI Build-Up for 3,232 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

$90.4K $27.96/SF

− Vacancy

−$4.7K −$1.45/SF

EGI

$85.7K $26.51/SF

− OpEx

−$25.7K −$7.95/SF

NOI

$60.0K $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%

$1,199,340

Cap Rate 7%

$856,671

Cap Rate 9%

$666,300

Alternative Uses

Best Use

Multifamily LT 5

$856.7K

$749.6K – $999.5K (±1% cap)

NOI $59,967 @ 7.0% cap · market cap 6.66%

Second Best

Apartment 5plus

$793.2K

$694.1K – $925.4K (±1% cap)

NOI $55,525 @ 7.0% cap · market cap 6.17%

Theoretical Best

Office A

$972.9K

$851.3K – $1.14M (±1% cap)

NOI $68,102 @ 7.0% cap · market cap 7.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Auto Repair Shop Tech Support Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 12578, NY

2,298

Population

1,044

Households

2.2

Avg Household Size

46

Median Age

34%

College-Educated

96%

High-School Grad

14.4 sq mi

ZIP Area

160

Density / Sq Mi

$97,367

Median Household Income

$43,683

Median Earnings

$1,522

Median Rent

$351,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate residences have individual wells, septic systems, electric service, and oil tanks.

Where is this duplex located?

The property is located at 10-12 Woodlea Road Salt Point, NY.

What is the asking price?

The asking price for this property is $900,000.

What are key features of this property?

This property features: 9.6 wooded acres in Salt Point, NY; Two separate residences, each with its own well, septic system, electric service, and oil tank; Primary residence built in 1924 with cherry hardwood floors, cathedral ceilings, and 2 fireplaces