Mixed-Use Property with Apartment
For Sale
Under Contract
$399,000
1950-1958 Ulster Avenue, Lake Katrine, NY 12449
COMMERCIAL - Lake Katrine, NY
Property Size3,268 SF
Lot Size0.95 Acres
Price / SF$122.09
Days on Market110
Property Features for 1950-1958 Ulster Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
35
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Fencing
Privacy
Basement
Unfinished, Storage Space, Full
Lot features
Back Yard, Front Yard
Directions
9W North towards Saugerties, across from Angelas pizza
Subdivision
Ulster-Town Of
Standard status
Active Under Contract
APN
39.16-1-25
Size
3,268 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
Flooring type
Carpet, Linoleum, Hardwood, Combination
Building materials
Brick, Cement Siding, Concrete, Frame, Vinyl Siding
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: Aug 4
Last Checked: Aug 9 at 4:06AM
MLS# 20261786
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 includes a bright, light-filled ground-floor commercial space, with the option to support office, boutique, or retail use. Above it is a spacious two-bedroom apartment with a generous living room and dining room, plus an additional third-floor space suitable for a home office, studio, or extra storage. The property also includes a charming two-bedroom, one-bath cottage on an adjoining parcel, with an enclosed front sunporch, covered rear deck, updated interior, and a spacious kitchen and dining area.
The cottage is located on an adjoining parcel and includes additional parking for flexibility in how the property is used. Construction is described as brick, cement siding, concrete, frame, and vinyl siding. Heating is oil, with public water and public sewer services. The roof is listed as asbestos shingle, and fencing includes privacy fencing. The property is on a 0.95-acre lot, built in 1934, with a total property size of 3,268 square feet. Zoning is listed as 35.
A 3D walkthrough tour is available in the digital Lookbook or by request.
The cottage is located on an adjoining parcel and includes additional parking for flexibility in how the property is used. Construction is described as brick, cement siding, concrete, frame, and vinyl siding. Heating is oil, with public water and public sewer services. The roof is listed as asbestos shingle, and fencing includes privacy fencing. The property is on a 0.95-acre lot, built in 1934, with a total property size of 3,268 square feet. Zoning is listed as 35.
A 3D walkthrough tour is available in the digital Lookbook or by request.
Key Highlights
- 0.95‑acre lot with 3,268 SF mixed‑use building
- Ground‑floor commercial space with two‑bedroom apartment above plus third‑floor space
- Adjoining‑parcel cottage: two‑bedroom, one‑bath with enclosed front sunporch and covered rear deck
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
$34,559
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
8.66%
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%
$691,180
$691.2K
Cap Rate 7%
$493,700
$493.7K
Cap Rate 9%
$383,989
$384.0K
Market Conditions
NOI Build-Up for 3,268 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
$58.8K $18.00/SF
− Vacancy
−$3.5K −$1.08/SF
EGI
$55.3K $16.92/SF
− OpEx
−$20.7K −$6.34/SF
NOI
$34.6K $10.58/SF
Area
Ulster County, NY
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$691,180
Cap Rate 7%
$493,700
Cap Rate 9%
$383,989
Alternative Uses
Best Use
Office B
$917.0K
$802.4K – $1.07M
NOI $64,192 @ 7.0% cap · market cap 16.09%
Second Best
Retail
$555.9K
$486.4K – $648.5K
NOI $38,912 @ 7.0% cap · market cap 9.75%
Theoretical Best
Multifamily LT 5
$30.56M
$26.74M – $35.66M
NOI $2,139,309 @ 7.0% cap · market cap 536.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space plus a two-bedroom apartment, and a separate two-bedroom cottage on adjoining parcel.
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: 0.95‑acre lot with 3,268 SF mixed‑use building; Ground‑floor commercial space with two‑bedroom apartment above plus third‑floor space; Adjoining‑parcel cottage: two‑bedroom, one‑bath with enclosed front sunporch and covered rear deck
