Renovated Two-Unit
For Sale
$550,000
23 Tobins Lane, Highland Falls, NY 10928
Both residences feature updated kitchens, private laundry, and separately metered utilities.
Property Size1,662 SF
Days on Market30
Property Features for 23 Tobins Lane
General Information
Standard status
Active
Size
1,662 SF
Total Parking Spaces
5
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,053
Amenities
private laundry
air conditioning
Building Details
Building Size
1,662 SF
Year Built
1880
Buildings
1
Units
2
Listing Agency:
Compass Greater NY, LLC
(914) 382-6253
Listed By:
Amber N. Thomas
(914) 382-6253
Source:
Cohenandcohenrealty
Added: Jul 18
Changed: Aug 15
Last Checked: Aug 15 at 6:41AM
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 Compass Greater NY, LLC
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1880, includes two residences with matching two-bedroom layouts. Each unit offers an open living area, an updated kitchen with stainless steel appliances, tiled backsplash, and breakfast island, plus a renovated bathroom and private laundry. Additional features include luxury vinyl flooring, recessed lighting, ductless AC, vinyl siding, and separate electric and gas meters with individual hot water heaters. Gated parking accommodates 5 cars.
The property is near West Point Military Academy and the Village of Highland Falls, with shops, restaurants, Hudson Valley views, hiking, and outdoor recreation nearby. Route 9W, the Palisades Interstate Parkway, and Metro-North train stations are within a short drive.
The property is near West Point Military Academy and the Village of Highland Falls, with shops, restaurants, Hudson Valley views, hiking, and outdoor recreation nearby. Route 9W, the Palisades Interstate Parkway, and Metro-North train stations are within a short drive.
Key Highlights
- Two residential units, each configured with 2 bedrooms and 1 renovated bathroom
- Updated kitchens with stainless steel appliances, tiled backsplashes, and breakfast islands
- Separate electric and gas meters plus individual hot water heaters
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
$33,034
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
6.01%
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%
$660,680
$660.7K
Cap Rate 7%
$471,914
$471.9K
Cap Rate 9%
$367,044
$367.0K
Market Conditions
NOI Build-Up for 1,662 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
$48.9K $29.40/SF
− Vacancy
−$1.7K −$1.01/SF
EGI
$47.2K $28.39/SF
− OpEx
−$14.2K −$8.52/SF
NOI
$33.0K $19.88/SF
Area
Orange County, NY
Vacancy
3.42%
Lease Rate
$29.40 /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%
$660,680
Cap Rate 7%
$471,914
Cap Rate 9%
$367,044
Alternative Uses
Best Use
Multifamily LT 5
$471.9K
$412.9K – $550.6K
NOI $33,034 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$444.1K
$388.6K – $518.1K
NOI $31,088 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$562.9K
$492.5K – $656.7K
NOI $39,403 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 10928, NY
4,637
Population
2,442
Households
1.9
Avg Household Size
40
Median Age
33%
College-Educated
88%
High-School Grad
8.4 sq mi
ZIP Area
552
Density / Sq Mi
$96,106
Median Household Income
$53,338
Median Earnings
$1,717
Median Rent
$307,800
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 - Both residences feature updated kitchens, private laundry, and separately metered utilities.
Where is this duplex located?
The property is located at 23 Tobins Lane Highland Falls, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two residential units, each configured with 2 bedrooms and 1 renovated bathroom; Updated kitchens with stainless steel appliances, tiled backsplashes, and breakfast islands; Separate electric and gas meters plus individual hot water heaters
