4-Unit Multifamily
New
For Sale
$799,000
189 Fair St, Carmel, NY 10512
The R-zoned property contains four residences in a building completed in 2000.
Property Size4,121 SF
Price / SF$193.88
Days on Market2
Property Features for 189 Fair St
General Information
Standard status
Active
Size
4,121 SF
Class
C
Property subtype
Multi-Family
Zoning
R
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Building Size
4,121 SF
Year Built
2000
Buildings
1
Units
4
Listing Agency:
Princeton Realty Group
Listed By:
Todd Albright
(914) 747-5000
Source:
Commercialcafe
Added: Oct 4
Last Checked: Oct 4 at 1:55PM
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 Princeton Realty Group
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Carmel comprises 4,121 square feet in a building completed in 2000. The site is zoned R, and the property is classified as a quadplex.
Route 6 and I-84 provide access to regional transportation routes. Carmel’s town center includes dining, shopping, and entertainment options.
Route 6 and I-84 provide access to regional transportation routes. Carmel’s town center includes dining, shopping, and entertainment options.
Key Highlights
- Four residential units
- 4,121 SF building
- Completed in 2000
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
$68,209
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
8.54%
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%
$1,364,180
$1.4M
Cap Rate 7%
$974,414
$974.4K
Cap Rate 9%
$757,878
$757.9K
Market Conditions
NOI Build-Up for 4,121 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
$103.8K $25.20/SF
− Vacancy
−$6.4K −$1.55/SF
EGI
$97.4K $23.65/SF
− OpEx
−$29.2K −$7.09/SF
NOI
$68.2K $16.55/SF
Area
Putnam County, NY
Vacancy
6.17%
Lease Rate
$25.20 /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%
$1,364,180
Cap Rate 7%
$974,414
Cap Rate 9%
$757,878
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,735 @ 7.0% cap · market cap 12.61%
Second Best
Multifamily LT 5
$974.4K
$852.6K – $1.14M
NOI $68,209 @ 7.0% cap · market cap 8.54%
Theoretical Best
Specialty Retail
$2.72M
$2.38M – $3.18M
NOI $190,730 @ 7.0% cap · market cap 23.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 10512, NY
24,664
Population
9,874
Households
2.5
Avg Household Size
46
Median Age
42%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
472
Density / Sq Mi
$124,519
Median Household Income
$62,393
Median Earnings
$1,607
Median Rent
$401,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - The R-zoned property contains four residences in a building completed in 2000.
Where is this quadplex located?
The property is located at 189 Fair St Carmel, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four residential units; 4,121 SF building; Completed in 2000
