Renovated Apartments on Seven
For Sale
$499,000
17564 State Route 22, Berlin, NY 12022
MULTI_FAMILY - Other - Berlin, NY
Property Size2,425 SF
Lot Size7.00 Acres
Price / SF$205.77
Days on Market132
Property Features for 17564 State Route 22
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 9, Bedroom 4, Bedroom 6, Bathroom 5, Bathroom 7, Bathroom 1, Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 3, Bedroom 7, Bedroom 10, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 2, Bedroom 3
Parking
8
Parking features
Off Street
Basement
Walk-Out Access
Elementary school
Berlin
High school
Berlin Central
Elementary school district
Berlin
Middle school district
Berlin
High school district
Berlin
Directions
NY Route 43 to NYS Route 22, follow Route 22 all the way to 17564 + 17566 NY 22 on the right hand side past Browns Hollow Road. White House in front and brown barn in the rear
Standard status
Active
APN
382000 152.-1-7.12
Size
2,425 SF
Lot size
7.00 Acres
Taxes and HOA fees
Tax Annual Amount
3736
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1810
Number of units
7
Building materials
Vinyl Siding, Wood Siding
Roof type
Asphalt, Metal, Shingle
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 286-1000
Listed By:
Christian M Bertrand · License #10301218097
(518) 763-2880
Added: Apr 1
Changed: Jul 24
Last Checked: Aug 10 at 9:06PM
MLS# 202614349
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property features newly renovated apartments across two separate structures, suitable for investors or future homeowners. The units are well-maintained and currently occupied. Recent updates include newer roofs, electrical systems, plumbing, and windows. The property is situated on 7 acres of land in Berlin, New York, near Berlin High School and with proximity to Vermont, Massachusetts, and the Jiminy Peak Ski Resort. The property size is 2425 square feet.
Key Highlights
- 10‑bedroom, 7‑bathroom apartment property with two separate structures
- Set on 7 acres of land in Berlin, close to Berlin High School and Jiminy Peak Ski Resort
- Renovation updates reported: newer roofs, newer electrical, newer plumbing and electrical, and newer windows
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?
Apartment building - Newly renovated apartments on 7 acres in Berlin, NY.
Where is this apartment building 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: 10‑bedroom, 7‑bathroom apartment property with two separate structures; Set on 7 acres of land in Berlin, close to Berlin High School and Jiminy Peak Ski Resort; Renovation updates reported: newer roofs, newer electrical, newer plumbing and electrical, and newer windows
