Three-Unit Building Near SUNY
For Sale
$1,999,999
19-23 Greenway Ln, Loch Sheldrake, NY 12759
Three-unit building near SUNY Sullivan with cash flow potential.
Property Size11,085 SF
Days on Market164
Property Features for 19-23 Greenway Ln
General Information
Standard status
Active
Size
11,085 SF
Property subtype
Commercial
Building Details
Building Size
11,085 SF
Stories
3
Listing Agency:
KELLER WILLIAMS REALTY
(845) 629-5854
Listed By:
Peter Berman · License #10401392566
(845) 629-5854
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 20 at 10:51AM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This three-unit building presents a unique investment opportunity with strong cash flow potential. The property features three townhouse-style units, constructed on ground-leased land within the SUNY Sullivan campus. Originally intended as supplemental housing, it now serves as the sole on-campus housing option, as all other housing options on campus have been decommissioned. The building is LEED certified. The college manages lease-up, management, and collections. The owner is responsible for capital projects. The owner receives revenue from the college and pays utility bills and insurance. The purchase includes the building only, situated on a ground lease with 15 years remaining, plus a 10-year option, with a cash buyout. The lease also provides an exclusive option to develop additional housing within the campus.
Key Highlights
- Only on‑campus housing option.
- College handles lease‑up, management, and collections, providing a 'mailbox money' opportunity.
- Owner responsible for capital projects, with limited expected expenses.
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
$88,374
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
4.42%
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%
$1,767,480
$1.8M
Cap Rate 7%
$1,262,486
$1.3M
Cap Rate 9%
$981,933
$981.9K
Market Conditions
NOI Build-Up for 11,085 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
$142.3K $12.84/SF
− Vacancy
−$16.1K −$1.45/SF
EGI
$126.2K $11.39/SF
− OpEx
−$37.9K −$3.42/SF
NOI
$88.4K $7.97/SF
Area
Sullivan County, NY
Vacancy
11.30%
Lease Rate
$12.84 /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%
$1,767,480
Cap Rate 7%
$1,262,486
Cap Rate 9%
$981,933
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.47M
NOI $88,374 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,624 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,832 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 12759, NY
1,568
Population
1,085
Households
1.4
Avg Household Size
31
Median Age
35%
College-Educated
92%
High-School Grad
3.9 sq mi
ZIP Area
402
Density / Sq Mi
$60,656
Median Household Income
$29,242
Median Earnings
$1,148
Median Rent
$77,500
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?
Triplex - Three-unit building near SUNY Sullivan with cash flow potential.
Where is this triplex located?
The property is located at 19-23 Greenway Ln Loch Sheldrake, NY.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Only on‑campus housing option.; College handles lease‑up, management, and collections, providing a 'mailbox money' opportunity.; Owner responsible for capital projects, with limited expected expenses.
