Turnkey 3-Family Income
For Sale
$460,000
32 N Bridge St, Poughkeepsie, NY 12601
Renovated three-unit residence with coin-operated laundry and a rear deck, offering flexible owner or investor use.
Property Size1,512 SF
Days on Market58
Property Features for 32 N Bridge St
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,242
Building Details
Building Size
1,512 SF
Year Built
1900
Units
3
Tenancy
Multi
Listing Agency:
HomeSmart Homes and Estates
(845) 674-7386
Listed By:
Michael Cahill · License #10401335508
(845) 674-7386
Source:
Elliman
Added: Jun 24
Changed: Aug 7
Last Checked: Aug 20 at 9:40AM
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 HomeSmart Homes and Estates
Investment Insights
Based on property information with market context.
This turnkey three-family property provides a mix of current occupancy and near-term lease flexibility. Two units are described as fully renovated, while one unit is vacant and described as rent ready and another is recently rented, with the third having a long-term tenant. Recent improvements include new kitchens, updated bathrooms, modern fixtures, fresh paint, updated flooring, and contemporary finishes intended to reduce near-term deferred maintenance.
Additional onsite features include a rear deck and coin-operated laundry. The property is located in Poughkeepsie, with proximity described to Metro-North, Vassar Brothers Medical Center, Marist University, the Culinary Institute of America, the waterfront, restaurants, shopping, and major commuter routes. Walk, bike, and transit scores are reported as 63, 30, and 52, respectively.
For buyers, this configuration can support an investor looking for immediate rental readiness in at least one unit, or an owner-occupant seeking to offset expenses with income from the other apartments. The largely updated interiors and shared amenities like on-site laundry help the property appeal to tenants who value move-in condition and convenience.
Additional onsite features include a rear deck and coin-operated laundry. The property is located in Poughkeepsie, with proximity described to Metro-North, Vassar Brothers Medical Center, Marist University, the Culinary Institute of America, the waterfront, restaurants, shopping, and major commuter routes. Walk, bike, and transit scores are reported as 63, 30, and 52, respectively.
For buyers, this configuration can support an investor looking for immediate rental readiness in at least one unit, or an owner-occupant seeking to offset expenses with income from the other apartments. The largely updated interiors and shared amenities like on-site laundry help the property appeal to tenants who value move-in condition and convenience.
Key Highlights
- Turn‑of‑the‑century 3‑family property (built 1900) in the City of Poughkeepsie
- Two fully renovated units plus a third unit with a long‑term tenant; one unit is currently vacant
- Recent updates include new kitchens, updated bathrooms, modern fixtures, fresh paint, and updated flooring
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
$28,054
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
6.10%
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%
$561,080
$561.1K
Cap Rate 7%
$400,771
$400.8K
Cap Rate 9%
$311,711
$311.7K
Market Conditions
NOI Build-Up for 1,512 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
$42.3K $27.96/SF
− Vacancy
−$2.2K −$1.45/SF
EGI
$40.1K $26.51/SF
− OpEx
−$12.0K −$7.95/SF
NOI
$28.1K $18.55/SF
Area
Dutchess County, NY
Vacancy
5.20%
Lease Rate
$27.96 /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%
$561,080
Cap Rate 7%
$400,771
Cap Rate 9%
$311,711
Alternative Uses
Best Use
Multifamily LT 5
$400.8K
$350.7K – $467.6K
NOI $28,054 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$371.1K
$324.7K – $432.9K
NOI $25,976 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$455.1K
$398.3K – $531.0K
NOI $31,860 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,077
Businesses Nearby
Explore this area
Business Placement
Demographics for 12601, NY
44,264
Population
17,972
Households
2.5
Avg Household Size
35
Median Age
30%
College-Educated
88%
High-School Grad
18.3 sq mi
ZIP Area
2,419
Density / Sq Mi
$64,769
Median Household Income
$37,259
Median Earnings
$1,376
Median Rent
$275,800
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?
Triplex - Renovated three-unit residence with coin-operated laundry and a rear deck, offering flexible owner or investor use.
Where is this triplex located?
The property is located at 32 N Bridge St Poughkeepsie, NY.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Turn‑of‑the‑century 3‑family property (built 1900) in the City of Poughkeepsie; Two fully renovated units plus a third unit with a long‑term tenant; one unit is currently vacant; Recent updates include new kitchens, updated bathrooms, modern fixtures, fresh paint, and updated flooring
