Renovated Two-Family
For Sale
$395,000
193 Main St, Andes, NY 13731
Two apartments feature separate electric service, laundry, and heating zones for flexible occupancy or rental use.
Property Size2,184 SF
Days on Market56
Property Features for 193 Main St
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,627
Building Details
Building Size
2,184 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Coldwell Banker Timberland Pro
(973) 650-0035
Listed By:
Jeffrey Ashton · License #40AS1141313
(973) 650-0035
Source:
Elliman
Added: Jul 8
Changed: Aug 31
Last Checked: Aug 30 at 10:43PM
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 Coldwell Banker Timberland Pro
Investment Insights
Based on property information with market context.
This renovated duplex contains two apartments within over 2,100 square feet of living space. Each unit has separate electric service, laundry, and heating zones, supporting independent occupancy and management. The upper apartment has contemporary finishes, while the property’s configuration supports owner occupancy with a separate rental or leasing both units.
The home is positioned on Main Street in Andes, alongside the Tremper Kill. Art galleries, cafés, a brewery, a bookstore, farm stands, and the Andes Hotel are described as walkable from the property. The upper apartment has operated as an Airbnb since 2008, while the lower apartment has been used for long-term rentals. New York City is approximately 2.5 hours away by car.
The home is positioned on Main Street in Andes, alongside the Tremper Kill. Art galleries, cafés, a brewery, a bookstore, farm stands, and the Andes Hotel are described as walkable from the property. The upper apartment has operated as an Airbnb since 2008, while the lower apartment has been used for long-term rentals. New York City is approximately 2.5 hours away by car.
Key Highlights
- Duplex with 2 apartments and over 2,100 square feet of living space
- Separate electric service, laundry, and heating zones for each apartment
- Upper apartment Airbnb operation in place since 2008
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
$25,332
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
6.41%
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%
$506,640
$506.6K
Cap Rate 7%
$361,886
$361.9K
Cap Rate 9%
$281,467
$281.5K
Market Conditions
NOI Build-Up for 2,184 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
$41.9K $19.20/SF
− Vacancy
−$5.7K −$2.63/SF
EGI
$36.2K $16.57/SF
− OpEx
−$10.9K −$4.97/SF
NOI
$25.3K $11.60/SF
Area
Delaware County, NY
Vacancy
13.70%
Lease Rate
$19.20 /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%
$506,640
Cap Rate 7%
$361,886
Cap Rate 9%
$281,467
Alternative Uses
Best Use
Multifamily LT 5
$361.9K
$316.7K – $422.2K
NOI $25,332 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$331.2K
$289.8K – $386.4K
NOI $23,181 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$1.07M
$937.6K – $1.25M
NOI $75,007 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Explore this area
Business Placement
Demographics for 13731, NY
949
Population
1,165
Households
0.8
Avg Household Size
60
Median Age
32%
College-Educated
96%
High-School Grad
89.8 sq mi
ZIP Area
11
Density / Sq Mi
$76,429
Median Household Income
$52,622
Median Earnings
$1,000
Median Rent
$270,000
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?
Duplex - Two apartments feature separate electric service, laundry, and heating zones for flexible occupancy or rental use.
Where is this duplex located?
The property is located at 193 Main St Andes, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Duplex with 2 apartments and over 2,100 square feet of living space; Separate electric service, laundry, and heating zones for each apartment; Upper apartment Airbnb operation in place since 2008
