13-Unit Apartment
For Sale
$1,700,000
808-812 State Rt 17B, Monticello, NY 12701
Four-building multifamily property with renovated units, on-site laundry, parking, and water access.
Property Size8,195 SF
Lot Size3.46 Acres
Price / SF$207.44
Days on Market1130
Property Features for 808-812 State Rt 17B
General Information
Standard status
Active
Size
8,195 SF
Lot size
3.46 Acres
Property subtype
Multi Family
Units
Unit Mix
8 x 2BR, 1 x studio, 2 x 1BR, 1 x 3BR, 1 x 1BR+loft
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$10,000
Amenities
laundry room
Full
Multi Family, Park, Water Access, Well
8,195.00
Square Feet
Water Access
No
Common, Parking Lot, Off Street, Private, Park, Wooded
Building Details
Year Built
1951
Buildings
4
Construction
Vinyl Siding
Listing Agency:
MK Realty Inc
(845) 782-0205
Listed By:
Abraham Lowy · License #10401327281
(845) 782-0205
Source:
Compass
Added: Jul 29, 2023
Changed: Aug 30
Last Checked: Aug 30 at 4:29AM
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 MK Realty Inc
Investment Insights
Based on property information with market context.
This apartment property includes four buildings totaling 13 units across 8,195 square feet. The unit mix includes two-bedroom apartments, one-bedroom apartments, a studio, a three-bedroom ranch-style home, and a one-bedroom cottage with a loft bedroom. Many units have undergone recent renovations, and the buildings feature vinyl siding. Most apartments are occupied, while a public laundry room provides an additional income source.
Set on 3.46 acres at 808-812 State Rt 17B in Monticello, the property includes common, off-street, private, and lot parking, along with water access and wooded surroundings. The buildings date to 1951. The property is supported by a pro forma cap rate of nearly 9%.
Set on 3.46 acres at 808-812 State Rt 17B in Monticello, the property includes common, off-street, private, and lot parking, along with water access and wooded surroundings. The buildings date to 1951. The property is supported by a pro forma cap rate of nearly 9%.
Key Highlights
- Four buildings with 13 total units
- 8,195 square feet on 3.46 acres
- Unit mix includes two‑bedroom, one‑bedroom, studio, three‑bedroom, and loft‑bedroom residences
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
$62,561
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
3.68%
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%
$1,251,220
$1.3M
Cap Rate 7%
$893,729
$893.7K
Cap Rate 9%
$695,122
$695.1K
Market Conditions
NOI Build-Up for 8,195 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
$123.9K $15.12/SF
− Vacancy
−$10.2K −$1.24/SF
EGI
$113.7K $13.88/SF
− OpEx
−$51.2K −$6.25/SF
NOI
$62.6K $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%
$1,251,220
Cap Rate 7%
$893,729
Cap Rate 9%
$695,122
Alternative Uses
Best Use
Apartment 5plus
$893.7K
$782.0K – $1.04M
NOI $62,561 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.25M
$1.97M – $2.62M
NOI $157,344 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
21
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 - Four-building multifamily property with renovated units, on-site laundry, parking, and water access.
Where is this apartment building located?
The property is located at 808-812 State Rt 17B Monticello, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Four buildings with 13 total units; 8,195 square feet on 3.46 acres; Unit mix includes two‑bedroom, one‑bedroom, studio, three‑bedroom, and loft‑bedroom residences
