Two-Home Residential Income
1561-1565 Highway 376 Wappingers Falls, NY 12590
1561-1565 Highway 376, Wappingers Falls, NY, 12590
$699,000
For Sale
$699,000
Two separate single-family homes on one lot, each with its own septic system and garage accommodations.
Property Size2,240 SF
Price / SF$312.05
Days on Market26
Property Features for 1561-1565 Highway 376
General Information
- Standard status
- Active
- Size
- 2,240 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 1955
Listing agency
Houlihan Lawrence Inc.
(845) 473-9770
Listed by
Suzanne DeCosta
(845) 473-9770
Source
Compass
Added: Jun 27 Updated: Jul 21 at 6:54PM Checked: Jul 21 at 6:54PM
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 residential income property consists of two separate single-family homes on one nearly one-acre lot. The main home is a well-maintained brick ranch with 3 bedrooms and 1.5 baths, hardwood floors, a living room fireplace, an additional fireplace in the basement, a bright sunroom, and a semi-finished walk-out basement for additional living or recreation space. A two-car tandem garage provides convenient parking.
The second home is a former schoolhouse with character, offering an eat-in kitchen, a separate laundry room, 2 bedrooms, 1 full bath, and a spacious open-concept living and dining area. It also includes its own one-car garage with an earth floor.
The homes are serviced by two separate septic systems while sharing a private well, supporting dual-residence functionality. The property is described as having easy access to local schools and Route 9, with commuter routes and a train station approximately a 10-minute drive away.
The second home is a former schoolhouse with character, offering an eat-in kitchen, a separate laundry room, 2 bedrooms, 1 full bath, and a spacious open-concept living and dining area. It also includes its own one-car garage with an earth floor.
The homes are serviced by two separate septic systems while sharing a private well, supporting dual-residence functionality. The property is described as having easy access to local schools and Route 9, with commuter routes and a train station approximately a 10-minute drive away.
Key Highlights
- One nearly one‑acre lot with two separate single‑family homes for flexible living or rental possibilities
- Main brick ranch (3 bedrooms, 1.5 baths) with hardwood floors, 2 fireplaces total, and a bright sunroom
- Semi‑finished walk‑out basement adds extra living or recreation space
Local Financial Insights For Multifamily LT 5
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 | $62.6k | $27.96 |
| − Vacancy | −$3.3k | −$1.45 |
| EGI | $59.4k | $26.51 |
| − OpEx | −$17.8k | −$7.95 |
| NOI | $41.6k | $18.55 |
2,240 SF · lease $27.96/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$593.7K
$519.5K – $692.7K
NOI $41,562 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$549.8K
$481.0K – $641.4K
NOI $38,483 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$674.3K
$590.0K – $786.7K
NOI $47,200 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two separate single-family homes on one lot, each with its own septic system and garage accommodations.
Where is this duplex located?
The property is located at 1561-1565 Highway 376 Wappingers Falls, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: One nearly one‑acre lot with two separate single‑family homes for flexible living or rental possibilities; Main brick ranch (3 bedrooms, 1.5 baths) with hardwood floors, 2 fireplaces total, and a bright sunroom; Semi‑finished walk‑out basement adds extra living or recreation space
