Residential Income Property with Heated
For Sale
$654,000
2439 County Route 5, New Lebanon, NY 12125
A cape with a heated 28-by-36 garage/workshop plus a separate apartment above, backing Hand Hollow State Forest.
Property Size2,000 SF
Lot Size22.20 Acres
Price / SF$327
Days on Market107
Property Features for 2439 County Route 5
General Information
Standard status
Active
Size
2,000 SF
Lot size
22.20 Acres
Property subtype
Multi-family
Amenities
sunroom
home office
heated garage
workshop
apartment
Building Details
Year Built
1961
Construction
Cape
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Sandy A Speranza · License #40SP1007987
(518) 639-4663
Source:
Signatureonerealtygroup
Added: May 26
Changed: Sep 8
Last Checked: Sep 8 at 7:09AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This residential income property centers on a 2,000-square-foot Cape with 3 bedrooms, 2 full baths, a dedicated home office, and a sunroom. A standout improvement is a heated 28' x 36' garage and workshop with abundant storage for vehicles, equipment, and recreational items. Above the garage is a separate 960-square-foot apartment with its own septic system and separate electric.
The property backs directly to Hand Hollow State Forest and offers direct access to outdoor activities including hiking and snowmobiling. It is located about 20 minutes from Jiminy Peak, 30 minutes from Albany, 7 minutes from Lebanon Valley Speedway, and under 3 hours from NYC, with additional access to Chatham and the Berkshires.
With 22.2 acres and an attached secondary apartment configuration, the home provides two self-contained living areas within a single property setting.
The property backs directly to Hand Hollow State Forest and offers direct access to outdoor activities including hiking and snowmobiling. It is located about 20 minutes from Jiminy Peak, 30 minutes from Albany, 7 minutes from Lebanon Valley Speedway, and under 3 hours from NYC, with additional access to Chatham and the Berkshires.
With 22.2 acres and an attached secondary apartment configuration, the home provides two self-contained living areas within a single property setting.
Key Highlights
- 22.2‑acre property backing directly to Hand Hollow State Forest
- 2,000‑SF Cape built in 1961 with 3 bedrooms, 2 full baths, home office, and sunroom
- 28' x 36' heated garage/workshop with abundant storage
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
$21,433
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
3.28%
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%
$428,660
$428.7K
Cap Rate 7%
$306,186
$306.2K
Cap Rate 9%
$238,144
$238.1K
Market Conditions
NOI Build-Up for 2,000 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
$32.4K $16.20/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$30.6K $15.31/SF
− OpEx
−$9.2K −$4.59/SF
NOI
$21.4K $10.72/SF
Area
Columbia County, NY
Vacancy
5.50%
Lease Rate
$16.20 /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%
$428,660
Cap Rate 7%
$306,186
Cap Rate 9%
$238,144
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,433 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$268.7K
$235.1K – $313.5K
NOI $18,810 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$494.8K
$433.0K – $577.3K
NOI $34,637 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 12125, NY
1,478
Population
619
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
96%
High-School Grad
16.0 sq mi
ZIP Area
92
Density / Sq Mi
$67,596
Median Household Income
$41,489
Median Earnings
$983
Median Rent
$247,500
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 - A cape with a heated 28-by-36 garage/workshop plus a separate apartment above, backing Hand Hollow State Forest.
Where is this duplex located?
The property is located at 2439 County Route 5 New Lebanon, NY.
What is the asking price?
The asking price for this property is $654,000.
What are key features of this property?
This property features: 22.2‑acre property backing directly to Hand Hollow State Forest; 2,000‑SF Cape built in 1961 with 3 bedrooms, 2 full baths, home office, and sunroom; 28' x 36' heated garage/workshop with abundant storage
