Restored Colonial Multifamily
For Sale
$3,895,000
1515-1517 Route 83, Pine Plains, NY 12567
Multiple residences and accessory buildings create a flexible compound with kitchens, wellness space, workshops, and storage.
Property Size6,994 SF
Price / SF$556.91
Days on Market34
Property Features for 1515-1517 Route 83
General Information
Standard status
Active
Size
6,994 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$34,303
Building Details
Year Built
1830
Construction
colonial farmhouse
Listing Agency:
Houlihan Lawrence Inc
(718) 841-9292
Listed By:
Oliver L. Brown (OBrown@houlihanlawrence.com)
(347) 465-4457
Source:
Nextlevelhomesgroup
Added: Aug 5
Changed: Sep 2
Last Checked: Sep 6 at 9:01AM
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 Houlihan Lawrence Inc
Investment Insights
Based on property information with market context.
This multifamily compound combines a restored 1830 farmhouse with separate residential and utility improvements across just under 10 acres. The main residence includes four bedrooms, three bathrooms, two fireplaces, original wide-plank floors, exposed hand-hewn beams, a professional kitchen, breakfast room, butler’s pantry, and formal dining room. A separate-entry three-bedroom apartment is incorporated into the house.
A second three-bedroom apartment occupies the outfitted barn, which also contains a gym, sauna, laundry area, workshop, and large storage room. Additional improvements include another barn/workshop, a yoga studio, a detached two-car garage with storage loft, and a 60-foot equipment shed. The property is set back from Route 83 in the Shekomeko Valley near Pine Plains, with surrounding farms and protected acreage providing a rural setting.
A second three-bedroom apartment occupies the outfitted barn, which also contains a gym, sauna, laundry area, workshop, and large storage room. Additional improvements include another barn/workshop, a yoga studio, a detached two-car garage with storage loft, and a 60-foot equipment shed. The property is set back from Route 83 in the Shekomeko Valley near Pine Plains, with surrounding farms and protected acreage providing a rural setting.
Key Highlights
- Main residence with 4 bedrooms, 3 bathrooms, original wide‑plank floors, exposed beams, and 2 fireplaces
- Separate‑entry 3‑bedroom apartment within the main house
- Outfitted barn includes a 3‑bedroom apartment, gym, sauna, laundry, workshop, and large storage room
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
$120,156
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
3.08%
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%
$2,403,120
$2.4M
Cap Rate 7%
$1,716,514
$1.7M
Cap Rate 9%
$1,335,067
$1.3M
Market Conditions
NOI Build-Up for 6,994 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
$230.0K $32.88/SF
− Vacancy
−$11.5K −$1.64/SF
EGI
$218.5K $31.24/SF
− OpEx
−$98.3K −$14.06/SF
NOI
$120.2K $17.18/SF
Area
Dutchess County, NY
Vacancy
5.00%
Lease Rate
$32.88 /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%
$2,403,120
Cap Rate 7%
$1,716,514
Cap Rate 9%
$1,335,067
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,156 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,372 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 12567, NY
2,564
Population
1,434
Households
1.8
Avg Household Size
50
Median Age
42%
College-Educated
91%
High-School Grad
46.0 sq mi
ZIP Area
56
Density / Sq Mi
$95,982
Median Household Income
$53,140
Median Earnings
$1,455
Median Rent
$329,700
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?
Multifamily property - Multiple residences and accessory buildings create a flexible compound with kitchens, wellness space, workshops, and storage.
Where is this multifamily property located?
The property is located at 1515-1517 Route 83 Pine Plains, NY.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: Main residence with 4 bedrooms, 3 bathrooms, original wide‑plank floors, exposed beams, and 2 fireplaces; Separate‑entry 3‑bedroom apartment within the main house; Outfitted barn includes a 3‑bedroom apartment, gym, sauna, laundry, workshop, and large storage room
