Three-Building Multifamily
For Sale
$1,900,000
589-593 W Broadway, Monticello, NY 12701
Fully occupied multifamily property with 13 diversified rental units across three buildings on a multi-acre parcel.
Property Size11,534 SF
Days on Market51
Property Features for 589-593 W Broadway
General Information
Standard status
Active
Size
11,534 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,998
Building Details
Building Size
11,534 SF
Year Built
1930
Units
13
Listing Agency:
Catskills Home Services
(845) 397-7768
Listed By:
Alan R. Wieder
(845) 397-7768
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 8 at 12:23PM
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 Catskills Home Services
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of three separate apartment buildings containing 13 rental units. The unit mix is diversified, including three one-bedroom apartments, eight two-bedroom apartments, and two three-bedroom apartments. Several units have been recently renovated, supporting tenant appeal and helping reduce immediate capital needs while leaving room for additional improvements.
The property is located in the Village of Monticello at 589–593 W Broadway. Access appears convenient to everyday amenities and dining options, with multiple well-known retailers and restaurants referenced in the surrounding area. Regional destinations are also listed nearby, adding to the area’s appeal for both year-round residents and visitors.
With 13 units spread across three buildings, the asset offers a practical scale for an owner seeking a fully occupied residential income stream. The mix of apartment sizes can support a broader tenant base, and the combination of completed renovations plus remaining opportunity for further value adjustments may appeal to investors and operators focused on maintaining and improving a stable rental housing portfolio.
The property is located in the Village of Monticello at 589–593 W Broadway. Access appears convenient to everyday amenities and dining options, with multiple well-known retailers and restaurants referenced in the surrounding area. Regional destinations are also listed nearby, adding to the area’s appeal for both year-round residents and visitors.
With 13 units spread across three buildings, the asset offers a practical scale for an owner seeking a fully occupied residential income stream. The mix of apartment sizes can support a broader tenant base, and the combination of completed renovations plus remaining opportunity for further value adjustments may appeal to investors and operators focused on maintaining and improving a stable rental housing portfolio.
Key Highlights
- Fully occupied multifamily property built in 1930 with 13 rental units across three separate buildings
- 2.64‑acre parcel with space and flexibility for future value‑add improvements
- Diversified unit mix: three 1‑bedroom, eight 2‑bedroom, and two 3‑bedroom apartments
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
$88,052
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
4.63%
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%
$1,761,040
$1.8M
Cap Rate 7%
$1,257,886
$1.3M
Cap Rate 9%
$978,356
$978.4K
Market Conditions
NOI Build-Up for 11,534 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
$174.4K $15.12/SF
− Vacancy
−$14.3K −$1.24/SF
EGI
$160.1K $13.88/SF
− OpEx
−$72.0K −$6.25/SF
NOI
$88.1K $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%
$1,761,040
Cap Rate 7%
$1,257,886
Cap Rate 9%
$978,356
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,052 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,453 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
707
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 - Fully occupied multifamily property with 13 diversified rental units across three buildings on a multi-acre parcel.
Where is this apartment building located?
The property is located at 589-593 W Broadway Monticello, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Fully occupied multifamily property built in 1930 with 13 rental units across three separate buildings; 2.64‑acre parcel with space and flexibility for future value‑add improvements; Diversified unit mix: three 1‑bedroom, eight 2‑bedroom, and two 3‑bedroom apartments
