Building Details

Building Size 1,684 SF

Year Built 1970

Units 2

Listing Agency: Keller Williams Village Sq Rlt Show Phone

Listed By: Evelyn Oberkircher Show Phone

Source: Callexitfirst

Added: Aug 31 Changed: Sep 18 Last Checked: Sep 18 at 7:42AM

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Investment Insights

Based on property information with market context.

Built in 1970, this duplex includes a three-bedroom, one-bath main residence with a large living room, wood-burning fireplace, dining room, and eat-in kitchen. The lower level adds two kitchens, two bathrooms, and separate access, creating distinct areas within the home. A separate one-bedroom apartment includes a living room, updated kitchen, and updated bathroom.

The property also features a fenced backyard and a large storage shed that was previously used as a garage. The shed offers additional enclosed space, while the residence is located near the Palisades Parkway in Garnerville. The property is also close to Garner Arts Center, the Historic Center, and Round Table Brewery.

Key Highlights

• Legal two‑family property with separate access to multiple living areas
• Main residence includes 3 bedrooms and 1 bath on the main level
• Lower level contains 2 kitchens and 2 bathrooms

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

$29,759

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

4.59%

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%

$595,180 $595.2K

Cap Rate 7%

$425,129 $425.1K

Cap Rate 9%

$330,656 $330.7K

Market Conditions

NOI Build-Up for 1,684 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

$45.5K $27.00/SF

− Vacancy

−$3.0K −$1.76/SF

EGI

$42.5K $25.25/SF

− OpEx

−$12.8K −$7.57/SF

NOI

$29.8K $17.67/SF

Area

Rockland County, NY

Vacancy

6.50%

Lease Rate

$27.00 /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%

$595,180

Cap Rate 7%

$425,129

Cap Rate 9%

$330,656

Alternative Uses

Best Use

Multifamily LT 5

$425.1K

$372.0K – $496.0K (±1% cap)

NOI $29,759 @ 7.0% cap · market cap 4.59%

Second Best

Apartment 5plus

$394.3K

$345.0K – $460.0K (±1% cap)

NOI $27,598 @ 7.0% cap · market cap 4.25%

Theoretical Best

Specialty Retail

$1.11M

$974.3K – $1.30M (±1% cap)

NOI $77,940 @ 7.0% cap · market cap 12.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Skin Care Clinic (Bike/Boat/Book/etc) Store Spa & Massage Center

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

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

728

Businesses Nearby

Explore this area Business Placement

Demographics for 10923, NY

9,489

Population

2,909

Households

3.3

Avg Household Size

39

Median Age

36%

College-Educated

85%

High-School Grad

2.0 sq mi

ZIP Area

4,745

Density / Sq Mi

$95,769

Median Household Income

$55,947

Median Earnings

$1,827

Median Rent

$459,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes 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?

Duplex - Two-family residence with flexible lower-level spaces, a separate one-bedroom apartment, and a fenced backyard.

Where is this duplex located?

The property is located at 159 Ramapo Road Garnerville, NY.

What is the asking price?

The asking price for this property is $649,000.

What are key features of this property?

This property features: Legal two‑family property with separate access to multiple living areas; Main residence includes 3 bedrooms and 1 bath on the main level; Lower level contains 2 kitchens and 2 bathrooms