Building Details

Year Built 1910

Buildings 2

Stories 3

Listing Agency: Catskill Mountain Inc. c***@verizon.net Show Phone

Listed By: Scott Miller · License #31MI0432065 Show Phone

Source: Xome

Added: May 23, 2024 Changed: Aug 30 Last Checked: Aug 31 at 1:31PM

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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 Catskill Mountain Inc.

Investment Insights

Based on property information with market context.

This three-level live-work property places commercial space on the main floor with residential use accommodated on the second and third levels. The building includes storage throughout, separate electric service for the first and second floors, propane heat on the main level, electric heat upstairs, and central air on the main level. A separate 12x28 storage building adds additional utility to the site.

Positioned at the corner of State Route 28 and Reservoir Road, the property has parking distributed across the front, rear, and side areas, with capacity for 15-20 cars. The building was constructed in 1910 and sits on a level, landscaped corner lot along a state road.

Key Highlights

• Corner position at State Route 28 and Reservoir Road
• Parking for 15‑20 cars across the front, rear, and side of the building
• Three‑level live‑work layout with commercial space on the main floor

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

$25,124

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

6.61%

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%

$502,480 $502.5K

Cap Rate 7%

$358,914 $358.9K

Cap Rate 9%

$279,156 $279.2K

Market Conditions

NOI Build-Up for 2,110 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

$38.0K $18.00/SF

− Vacancy

−$2.1K −$0.99/SF

EGI

$35.9K $17.01/SF

− OpEx

−$10.8K −$5.10/SF

NOI

$25.1K $11.91/SF

Area

Ulster County, NY

Vacancy

5.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

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%

$502,480

Cap Rate 7%

$358,914

Cap Rate 9%

$279,156

Alternative Uses

Best Use

Office B

$592.1K

$518.1K – $690.8K (±1% cap)

NOI $41,446 @ 7.0% cap · market cap 10.91%

Second Best

Retail

$358.9K

$314.1K – $418.7K (±1% cap)

NOI $25,124 @ 7.0% cap · market cap 6.61%

Theoretical Best

Multifamily LT 5

$19.73M

$17.27M – $23.02M (±1% cap)

NOI $1,381,255 @ 7.0% cap · market cap 363.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Live-work space

Suggested Use

Top Pick Building Supply HVAC Service Real Estate Agency Electrical Service Storage Facility Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

80

Businesses Nearby

Explore this area Business Placement

Demographics for 12481, NY

1,259

Population

555

Households

2.3

Avg Household Size

51

Median Age

27%

College-Educated

88%

High-School Grad

12.8 sq mi

ZIP Area

98

Density / Sq Mi

$93,578

Median Household Income

$42,981

Median Earnings

$2,292

Median Rent

$236,200

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Live-work space - Main-level commercial space with upper floors suited to residential use and on-site parking.

Where is this live-work space located?

The property is located at 3189 STATE ROUTE 28 Shokan, NY.

What is the asking price?

The asking price for this property is $379,900.

What are key features of this property?

This property features: Corner position at State Route 28 and Reservoir Road; Parking for 15‑20 cars across the front, rear, and side of the building; Three‑level live‑work layout with commercial space on the main floor