Newly Renovated Multifamily
For Sale
$499,000
17564 State Route 22, Berlin, NY 12022
Two separate structures with newly renovated, occupied apartments on 7 acres, with multiple building-system updates.
Property Size2,425 SF
Price / SF$205.77
Days on Market234
Property Features for 17564 State Route 22
General Information
Standard status
Active
Size
2,425 SF
Property subtype
Multi-family
Building Details
Year Built
1810
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Christian M Bertrand
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Dec 19, 2025
Changed: Aug 10
Last Checked: Aug 10 at 4:04AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This newly renovated multifamily property offers two separate structures with apartments that are currently occupied. The homes have been maintained and include updates such as newer roofs, newer electrical, newer plumbing and electrical, and newer windows.
The property sits on 7 acres at 17564 State Route 22 in Berlin, NY. It is described as being close to Berlin High School and within the wider area that includes Vermont, Massachusetts, and the Jiminy Peak Ski Resort.
For buyers seeking a residential income setup with existing occupancy and recent improvements to core building systems, this is a turnkey option presented for sale.
The property sits on 7 acres at 17564 State Route 22 in Berlin, NY. It is described as being close to Berlin High School and within the wider area that includes Vermont, Massachusetts, and the Jiminy Peak Ski Resort.
For buyers seeking a residential income setup with existing occupancy and recent improvements to core building systems, this is a turnkey option presented for sale.
Key Highlights
- Year built 1810
- Two separate structures with newly renovated, currently occupied apartments
- Updates include newer roofs, newer electrical, and newer plumbing
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
$29,435
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
5.90%
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%
$588,700
$588.7K
Cap Rate 7%
$420,500
$420.5K
Cap Rate 9%
$327,056
$327.1K
Market Conditions
NOI Build-Up for 2,425 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
$56.5K $23.28/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$53.5K $22.07/SF
− OpEx
−$24.1K −$9.93/SF
NOI
$29.4K $12.14/SF
Area
Rensselaer County, NY
Vacancy
5.20%
Lease Rate
$23.28 /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%
$588,700
Cap Rate 7%
$420,500
Cap Rate 9%
$327,056
Alternative Uses
Best Use
Apartment 5plus
$420.5K
$367.9K – $490.6K
NOI $29,435 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$606.2K
$530.4K – $707.3K
NOI $42,435 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 12022, NY
896
Population
455
Households
2
Avg Household Size
45
Median Age
25%
College-Educated
81%
High-School Grad
23.7 sq mi
ZIP Area
38
Density / Sq Mi
$77,386
Median Household Income
$41,532
Median Earnings
$1,073
Median Rent
$179,700
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 - Two separate structures with newly renovated, occupied apartments on 7 acres, with multiple building-system updates.
Where is this multifamily property located?
The property is located at 17564 State Route 22 Berlin, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Year built 1810; Two separate structures with newly renovated, currently occupied apartments; Updates include newer roofs, newer electrical, and newer plumbing
