High-Income Multifamily Property For
For Sale
$949,000
384-386 Broadway, Monticello, NY 12701
Multifamily property with strong cash flow and upside potential.
Property Size9,725 SF
Days on Market124
Property Features for 384-386 Broadway
General Information
Standard status
Active
Size
9,725 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,254
Building Details
Building Size
9,725 SF
Year Built
1893
Units
20
Listing Agency:
(718) 344-3300
Listed By:
Shlomo Meisels
(718) 344-3300
Source:
Elliman
Added: Apr 21
Changed: Aug 15
Last Checked: Aug 21 at 1:09PM
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 Shlomo Meisels
Investment Insights
Based on property information with market context.
This multifamily property presents an excellent investment opportunity, offering a high-income stream with significant upside potential. The property is ideally located near shopping, dining, public transportation, and local amenities, which supports stable occupancy and long-term value. Building #1 features 14 rental units, with 9 units renting for $675 per month and 5 units renting for $700 per month. Building #2 includes 4 rental units at $675 per month, along with a commercial storefront generating $1,500 per month. The basement, previously used as a bar, is currently vacant and offers additional income potential if re-leased. The location has a walk score of 72, indicating it is very walkable, and a bike score of 44, indicating it is somewhat bikeable.
Key Highlights
- High‑income multi‑family property with strong in‑place cash flow.
- Significant upside potential through increased rents or re‑leasing the vacant basement.
- Prime location near shopping, dining, public transportation, and local amenities.
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
$74,242
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
7.82%
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%
$1,484,840
$1.5M
Cap Rate 7%
$1,060,600
$1.1M
Cap Rate 9%
$824,911
$824.9K
Market Conditions
NOI Build-Up for 9,725 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
$147.0K $15.12/SF
− Vacancy
−$12.1K −$1.24/SF
EGI
$135.0K $13.88/SF
− OpEx
−$60.7K −$6.25/SF
NOI
$74.2K $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%
$1,484,840
Cap Rate 7%
$1,060,600
Cap Rate 9%
$824,911
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$928.0K – $1.24M
NOI $74,242 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,720 @ 7.0% cap · market cap 19.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
738
Businesses Nearby
Explore this area
Business Placement
Demographics for 12701, NY
12,360
Population
7,188
Households
1.7
Avg Household Size
38
Median Age
23%
College-Educated
78%
High-School Grad
61.0 sq mi
ZIP Area
203
Density / Sq Mi
$56,601
Median Household Income
$35,918
Median Earnings
$989
Median Rent
$178,300
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 - Multifamily property with strong cash flow and upside potential.
Where is this apartment building located?
The property is located at 384-386 Broadway Monticello, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: High‑income multi‑family property with strong in‑place cash flow.; Significant upside potential through increased rents or re‑leasing the vacant basement.; Prime location near shopping, dining, public transportation, and local amenities.
