Seven-Unit Apartment
For Sale
$825,000
1189 State Route 52, Fallsburg, NY 12759
MULTI_FAMILY - Fallsburg, NY
Property Size4,500 SF
Price / SF$183.33
Days on Market125
Property Features for 1189 State Route 52
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
2
View
Lake
Elementary school
Benjamin Cosor Elementary School
Middle school
Fallsburg Junior-Senior High School
High school
Fallsburg Junior-Senior High School
Elementary school district
Fallsburg
Middle school district
Fallsburg
High school district
Fallsburg
Directions
Follow Google
Standard status
Active
APN
482889: 17.-1-36
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18763
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
garage
Building Details
Year built
1940
Number of units
8
Building materials
Frame
Listing Agency:
eXp Realty
(888) 276-0630
Listed By:
Marie Mascari
(845) 382-3989
Added: Apr 7
Changed: Aug 3
Last Checked: Aug 9 at 4:06PM
MLS# 982120
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 multifamily property includes three separate buildings with seven residential units totaling approximately 4,500 square feet on approximately 0.98 acres. A second parcel of approximately 0.51 acres is included. The rear building contains approximately 1,500 square feet of unfinished second-floor space with views of Loch Sheldrake, offering a defined area for potential additional units or premium rental space. A deep single-car garage provides supplemental storage.
The property is located at 1189 State Route 52 in Fallsburg, NY. Improvements include plumbing, heating, electrical, driveway blacktop, and tree removal work. The buildings are frame construction, were built in 1940, and include baseboard heating and gas stoves. Electricity is included in rents. Town water and septic are also referenced in the property information, while separate utility records identify public water and public sewer; those details are not characterized further here.
The property is located at 1189 State Route 52 in Fallsburg, NY. Improvements include plumbing, heating, electrical, driveway blacktop, and tree removal work. The buildings are frame construction, were built in 1940, and include baseboard heating and gas stoves. Electricity is included in rents. Town water and septic are also referenced in the property information, while separate utility records identify public water and public sewer; those details are not characterized further here.
Key Highlights
- Seven residential units across three separate buildings
- Approximately 4,500 square feet on approximately 0.98 acres
- Additional separate parcel of approximately 0.51 acres included
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
$34,353
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
4.16%
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%
$687,060
$687.1K
Cap Rate 7%
$490,757
$490.8K
Cap Rate 9%
$381,700
$381.7K
Market Conditions
NOI Build-Up for 4,500 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
$68.0K $15.12/SF
− Vacancy
−$5.6K −$1.24/SF
EGI
$62.5K $13.88/SF
− OpEx
−$28.1K −$6.25/SF
NOI
$34.4K $7.63/SF
Area
Sullivan County, NY
Vacancy
8.20%
Lease Rate
$15.12 /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%
$687,060
Cap Rate 7%
$490,757
Cap Rate 9%
$381,700
Alternative Uses
Best Use
Apartment 5plus
$490.8K
$429.4K – $572.6K
NOI $34,353 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,400 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 12759, NY
1,568
Population
1,085
Households
1.4
Avg Household Size
31
Median Age
35%
College-Educated
92%
High-School Grad
3.9 sq mi
ZIP Area
402
Density / Sq Mi
$60,656
Median Household Income
$29,242
Median Earnings
$1,148
Median Rent
$77,500
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 - Three residential buildings provide diversified occupancy, additional land, and unfinished space for future expansion.
Where is this apartment building located?
The property is located at 1189 State Route 52 Fallsburg, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Seven residential units across three separate buildings; Approximately 4,500 square feet on approximately 0.98 acres; Additional separate parcel of approximately 0.51 acres included
