Residential Investment Property
For Sale
$659,000
2467 Route 302, Middletown, NY 10941
Fully leased residential property near highway and shopping.
Property Size2,040 SF
Days on Market133
Property Features for 2467 Route 302
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,000
Building Details
Building Size
2,040 SF
Year Built
1966
Units
3
Listing Agency:
(845) 467-0073
Listed By:
Myrna Latorre · License #10401284406
(845) 467-0073
Source:
Elliman
Added: Apr 10
Changed: Aug 8
Last Checked: Aug 8 at 12:54PM
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 Myrna Latorre
Investment Insights
Based on property information with market context.
This residential income property is situated in an excellent location within the Pine Bush school district. The property is fully leased and located near a highway, offering convenient access. It is also located less than 5 miles from a train station and in close proximity to shopping areas. The bike score is 19, indicating it is somewhat bikeable, and the walk score is 16, suggesting car dependence.
Key Highlights
- Excellent location for investment property
- Fully leased property
- Located in the Pine Bush school district
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
$38,159
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
5.79%
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%
$763,180
$763.2K
Cap Rate 7%
$545,129
$545.1K
Cap Rate 9%
$423,989
$424.0K
Market Conditions
NOI Build-Up for 2,040 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
$72.0K $35.28/SF
− Vacancy
−$2.6K −$1.27/SF
EGI
$69.4K $34.01/SF
− OpEx
−$31.2K −$15.30/SF
NOI
$38.2K $18.71/SF
Area
Orange County, NY
Vacancy
3.60%
Lease Rate
$35.28 /SF/Yr
Expense Ratio
45.00%
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%
$763,180
Cap Rate 7%
$545,129
Cap Rate 9%
$423,989
Alternative Uses
Best Use
Apartment 5plus
$545.1K
$477.0K – $636.0K
NOI $38,159 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.9K
$604.6K – $806.1K
NOI $48,365 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 10941, NY
14,549
Population
5,486
Households
2.7
Avg Household Size
40
Median Age
31%
College-Educated
93%
High-School Grad
32.0 sq mi
ZIP Area
455
Density / Sq Mi
$95,938
Median Household Income
$48,313
Median Earnings
$1,640
Median Rent
$325,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fully leased residential property near highway and shopping.
Where is this residential income property located?
The property is located at 2467 Route 302 Middletown, NY.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Excellent location for investment property; Fully leased property; Located in the Pine Bush school district
