Mixed-Use Property with
For Sale
$399,000
Pending
1950-1958 Ulster Avenue, Lake Katrine, NY 12449
Residential Income, Lake Katrine, NY
Property Size1,874 SF
Lot Size0.95 Acres
Days on Market151
Property Features for 1950-1958 Ulster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
35
Bedrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3
Parking features
Off Street, On Street
Patio and Porch features
Porch
Lot features
Back Yard, Front Yard
Elementary school district
Kingston Consolidated
Middle school district
Kingston Consolidated
High school district
Kingston Consolidated
Directions
9w North towards Saugerties, across from Angelas pizza
Subdivision
Ulster-Town Of
Standard status
Pending
APN
39.16-1-25
Size
1,874 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Annual Amount
11818
Utilities
Sewer type
Public Sewer
Heating system
Oil
Water source
Public
Building Details
Year built
1934
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Linoleum, Carpet, Combination
Roof type
Asbestos Shingle
Listing Agency:
Coldwell Banker Village Green · Coldwell Banker Real Estate
(845) 679-2255
Listed By:
Nicole Polito
(845) 430-2045
Added: Apr 22
Changed: Sep 13
Last Checked: Sep 19 at 3:06AM
MLS# 20261785
Copyright © 2026 Hudson Valley Catskill Region MLS. 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 mixed-use property combines a ground-floor commercial area with a two-bedroom apartment above it and additional third-floor space suitable for office, studio, or storage use. The commercial area has previously operated as a delicatessen and tattoo studio. The apartment includes a living room, dining room, and two bedrooms. A separate two-bedroom, one-bath cottage on an adjoining parcel adds another residential component, with an enclosed front sunporch, covered rear deck, updated interior, and a spacious kitchen and dining area.
The property encompasses 0.95 acres and 1,874 square feet, with off-street and on-street parking. Public water and public sewer serve the property. Built in 1934, the buildings feature oil heat, mixed flooring, and an asbestos shingle roof. Located in Lake Katrine near Kingston and Saugerties, the property is positioned along Ulster Avenue and offers a combination of commercial and residential space.
The property encompasses 0.95 acres and 1,874 square feet, with off-street and on-street parking. Public water and public sewer serve the property. Built in 1934, the buildings feature oil heat, mixed flooring, and an asbestos shingle roof. Located in Lake Katrine near Kingston and Saugerties, the property is positioned along Ulster Avenue and offers a combination of commercial and residential space.
Key Highlights
- Ground‑floor commercial space with a two‑bedroom apartment above
- Separate two‑bedroom, one‑bath cottage on an adjoining parcel
- 0.95 acres and 1,874 square feet
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
$22,314
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
5.59%
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%
$446,280
$446.3K
Cap Rate 7%
$318,771
$318.8K
Cap Rate 9%
$247,933
$247.9K
Market Conditions
NOI Build-Up for 1,874 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
$33.7K $18.00/SF
− Vacancy
−$1.9K −$0.99/SF
EGI
$31.9K $17.01/SF
− OpEx
−$9.6K −$5.10/SF
NOI
$22.3K $11.91/SF
Area
Ulster County, NY
Vacancy
5.50%
Lease Rate
$18.00 /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%
$446,280
Cap Rate 7%
$318,771
Cap Rate 9%
$247,933
Alternative Uses
Best Use
Apartment 5plus
$15.26M
$13.36M – $17.81M
NOI $1,068,410 @ 7.0% cap · market cap 267.77%
Second Best
Office B
$525.9K
$460.1K – $613.5K
NOI $36,810 @ 7.0% cap · market cap 9.23%
Theoretical Best
Multifamily LT 5
$17.53M
$15.33M – $20.45M
NOI $1,226,764 @ 7.0% cap · market cap 307.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 12449, NY
3,386
Population
1,194
Households
2.8
Avg Household Size
49
Median Age
28%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
915
Density / Sq Mi
$75,268
Median Household Income
$53,472
Median Earnings
$1,571
Median Rent
$226,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space, an upstairs apartment, and a separate cottage support flexible live-work or rental arrangements.
Where is this mixed-use property located?
The property is located at 1950-1958 Ulster Avenue Lake Katrine, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Ground‑floor commercial space with a two‑bedroom apartment above; Separate two‑bedroom, one‑bath cottage on an adjoining parcel; 0.95 acres and 1,874 square feet
