Two-Family Residential Income
37 Monhagen Ave Middletown, NY 10940
37 Monhagen Ave, Middletown, NY, 10940
$450,000
For Sale
$450,000
Renovation-ready two-family layout with off-street parking and outdoor space, supported by available building plans.
Property Size2,151 SF
Lot Size0.50 Acres
Price / SF$209.21
Days on Market27
Property Features for 37 Monhagen Ave
General Information
- Standard status
- Active
- Size
- 2,151 SF
- Lot size
- 0.50 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1890
Listing Agency
Keller Williams Hudson Valley Realty & United
(845) 775-7033
Listed by
Isaiah Lopez · License #10401313624
(845) 775-7033
Source
Elliman
Added: Jun 20 Checked: Jul 15 at 9:20 pm
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 Keller Williams Hudson Valley Realty & United
Investment Insights
Based on property information with market context.
This residential income property is currently set up from a prior three-unit configuration, and it will need to be operated as a two-family residence moving forward per city guidelines. The home will require substantial repairs and updates, with building plans available to help complete the first-floor renovation. Inside, the existing footprint supports multiple bedrooms and bathrooms across the unit configuration, while the foundation for the project is already in place for an owner willing to execute improvements.
Set on a nearly half-acre lot in the City of Middletown, the property includes a large driveway offering ample off-street parking, along with a rear deck and a level backyard. The surrounding area is described as convenient to shopping, restaurants, schools, healthcare facilities, public transportation, and major commuter routes.
For contractors and owner-occupants, the available plans and outdoor space make it practical for creating a two-family residence where one unit can be lived in while the other supports rental use. Investors and buyers seeking a value-add approach can also view the property as an opportunity to renovate and refine an income-producing residential asset, with the scope of work and required transition to a two-family setup clearly outlined in the plans.
Set on a nearly half-acre lot in the City of Middletown, the property includes a large driveway offering ample off-street parking, along with a rear deck and a level backyard. The surrounding area is described as convenient to shopping, restaurants, schools, healthcare facilities, public transportation, and major commuter routes.
For contractors and owner-occupants, the available plans and outdoor space make it practical for creating a two-family residence where one unit can be lived in while the other supports rental use. Investors and buyers seeking a value-add approach can also view the property as an opportunity to renovate and refine an income-producing residential asset, with the scope of work and required transition to a two-family setup clearly outlined in the plans.
Key Highlights
- 1890‑built multi‑family home with 2,151 SF, five bedrooms, and three full bathrooms
- Nearly half‑acre lot in the City of Middletown
- Previously a three‑unit property; moving forward, to be used as a two‑family residence per city guidelines
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.9k | $35.28 |
| − Vacancy | −$2.7k | −$1.27 |
| EGI | $73.2k | $34.01 |
| − OpEx | −$32.9k | −$15.30 |
| NOI | $40.2k | $18.71 |
2,151 SF · lease $35.28/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$610.8K
$534.4K – $712.6K
NOI $42,754 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$574.8K
$502.9K – $670.6K
NOI $40,235 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$728.5K
$637.5K – $849.9K
NOI $50,996 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Renovation-ready two-family layout with off-street parking and outdoor space, supported by available building plans.
Where is this duplex located?
The property is located at 37 Monhagen Ave Middletown, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1890‑built multi‑family home with 2,151 SF, five bedrooms, and three full bathrooms; Nearly half‑acre lot in the City of Middletown; Previously a three‑unit property; moving forward, to be used as a two‑family residence per city guidelines
