Renovated Five-Unit Investment
For Sale
$1,399,000
106 Newport Bridge Road, Warwick, NY 10990
MULTI_FAMILY - Warwick, NY
Property Size6,691 SF
Lot Size0.22 Acres
Price / SF$209.09
Days on Market166
Property Features for 106 Newport Bridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
00415
Rooms
Basement
Parking
8
Parking features
Driveway
Appliances
Convection Oven, Cooktop, Dishwasher, Dryer, Refrigerator, Washer, Solar Hot Water
Elementary school
Sanfordville Elementary School
Middle school
Warwick Valley Middle School
High school
Warwick Valley High School
Elementary school district
Warwick Valley
Middle school district
Warwick Valley
High school district
Warwick Valley
Standard status
Active
APN
335489-025-000-0001-004.000-0000
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11987
Utilities
Utilities
Propane
Sewer type
Septic Tank, Shared Septic
Heating system
Hot Water(Heating), Baseboard, Propane (Heating)
Cooling system
Window Unit(s), Central Air, Wall/Window Unit(s)
Water source
Well
Building Details
Year built
1920
Floors in Building
2
Number of units
5
Flooring type
Carpet, Wood
Building materials
Fiberglass Insulation, Foam Insulation, Vinyl Siding
Listing Agency:
BHG Real Estate Green Team · Better Homes and Gardens Real Estate
(845) 208-9928
Listed By:
Giovanni Lasalandra · License #10401332739
(845) 987-4206
Added: Mar 3
Changed: Aug 4
Last Checked: Aug 16 at 10:06PM
MLS# 965087
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.
Charming renovated 1920 Cape Cod-style converted multi-family residence offering four units, comprised of two one-bedroom apartments and two two-bedroom apartments. Also included is a separate detached single-family home built in 2010 with two bedrooms and two bathrooms.
The property provides individual utilities throughout, with propane and electric per unit, supported by well water and two septic systems. Flood risk is indicated as low (Zone X). Zoning is listed as 00415.
Ideal as an income property with an owner-occupant option, the setup supports separate living arrangements within the main building and the detached home.
The property provides individual utilities throughout, with propane and electric per unit, supported by well water and two septic systems. Flood risk is indicated as low (Zone X). Zoning is listed as 00415.
Ideal as an income property with an owner-occupant option, the setup supports separate living arrangements within the main building and the detached home.
Key Highlights
- 5‑unit property in the Amity hamlet of Warwick: four units in a renovated 1920 Cape Cod‑style building plus a detached 2‑bedroom/2‑bath home built in 2010
- Unit mix: 2 one‑bedroom and 2 two‑bedroom units in the main building, plus a separate detached 2‑bedroom/2‑bath single‑family home
- Total building area is approx. 6,691 SF on 0.217 acres
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
$125,158
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
8.95%
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%
$2,503,160
$2.5M
Cap Rate 7%
$1,787,971
$1.8M
Cap Rate 9%
$1,390,644
$1.4M
Market Conditions
NOI Build-Up for 6,691 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
$236.1K $35.28/SF
− Vacancy
−$8.5K −$1.27/SF
EGI
$227.6K $34.01/SF
− OpEx
−$102.4K −$15.30/SF
NOI
$125.2K $18.71/SF
Area
Orange County, NY
Vacancy
3.60%
Lease Rate
$35.28 /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%
$2,503,160
Cap Rate 7%
$1,787,971
Cap Rate 9%
$1,390,644
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.56M – $2.09M
NOI $125,158 @ 7.0% cap · market cap 8.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.98M – $2.64M
NOI $158,631 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 10990, NY
19,877
Population
8,394
Households
2.4
Avg Household Size
46
Median Age
50%
College-Educated
95%
High-School Grad
61.4 sq mi
ZIP Area
324
Density / Sq Mi
$123,199
Median Household Income
$64,723
Median Earnings
$1,387
Median Rent
$462,100
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 - Renovated multi-family includes four apartments plus a detached two-bedroom, two-bath home with individual utilities.
Where is this apartment building located?
The property is located at 106 Newport Bridge Road Warwick, 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: 5‑unit property in the Amity hamlet of Warwick: four units in a renovated 1920 Cape Cod‑style building plus a detached 2‑bedroom/2‑bath home built in 2010; Unit mix: 2 one‑bedroom and 2 two‑bedroom units in the main building, plus a separate detached 2‑bedroom/2‑bath single‑family home; Total building area is approx. 6,691 SF on 0.217 acres
