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 Market85
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) 767-8200
Listed By:
Oliver L. Brown (OBrown@houlihanlawrence.com)
(347) 465-4457
Source:
Maureenfolan
Added: Aug 5
Changed: Oct 25
Last Checked: Oct 26 at 3:30PM
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
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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 / Yr
$120,156
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
