Building Details

Building Size 2,184 SF

Year Built 1900

Stories 2

Units 2

Listing Agency: Coldwell Banker Real Estate

Listed By: Jeffrey Ashton · License #40AS1141313 Show Phone

Source: Elliman

Added: Jul 8 Changed: Oct 14 Last Checked: Oct 16 at 10:33AM

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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.

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 / Yr

$25,332

Cap Rate

6.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$506,640 $506.6K

Cap Rate 7%

$361,886 $361.9K

Cap Rate 9%

$281,467 $281.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,184 SF

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 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 (±1% cap)

NOI $25,332 @ 7.0% cap · market cap 6.41%

Second Best

Apartment 5plus

$331.2K

$289.8K – $386.4K (±1% cap)

NOI $23,181 @ 7.0% cap · market cap 5.87%

Theoretical Best

Office A

$1.07M

$937.6K – $1.25M (±1% cap)

NOI $75,007 @ 7.0% cap · market cap 18.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Furniture & Home Goods Auto Parts Store (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Computer & Electronic Repair Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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