Two-Unit Residential Income
For Sale
$849,000
32 Old Route 199, Red Hook, NY 12571
Two spacious living units on four acres, with wood burning fireplaces, wood stove, and pastoral outdoor living spaces.
Property Size3,500 SF
Lot Size4.00 Acres
Days on Market133
Property Features for 32 Old Route 199
General Information
Standard status
Active
Size
3,500 SF
Lot size
4.00 Acres
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,469
Building Details
Building Size
3,500 SF
Year Built
1976
Listing Agency:
JFive Homes Realty,LLC
(845) 876-8600
Listed By:
Jennifer Fivelsdal
Source:
Berardirealty
Added: Apr 22
Changed: Aug 22
Last Checked: Aug 30 at 9:29PM
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 JFive Homes Realty,LLC
Investment Insights
Based on property information with market context.
Shepherd’s Knoll is a distinctive two-unit residential income property set at the end of a long private drive on four acres. The home includes two spacious living units that could be converted back to a single-family configuration. Unit One offers four bedrooms, three bathrooms, and a finished lower level, while Unit Two features two bedrooms and two bathrooms with an established history as a short-term rental. Both units include wood burning fireplaces, along with a wood stove.
Outdoor living centers on expansive decks and porches with pastoral views. The grounds also include a studio cottage, a former sheep barn with storage, chicken coops, and established garden areas.
Located less than two miles from the village and just minutes from Bard College, including the Fisher Center and Montgomery Place, the property combines country seclusion with convenient access to local cultural life.
Outdoor living centers on expansive decks and porches with pastoral views. The grounds also include a studio cottage, a former sheep barn with storage, chicken coops, and established garden areas.
Located less than two miles from the village and just minutes from Bard College, including the Fisher Center and Montgomery Place, the property combines country seclusion with convenient access to local cultural life.
Key Highlights
- 1976‑built property set on 4 acres with lawns, pastures, and lightly wooded areas
- Two spacious living units: Unit One has 4 bedrooms, 3 bathrooms, and a finished lower level
- Unit Two has 2 bedrooms and 2 bathrooms, with a strong history as a short‑term rental
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
$64,940
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
7.65%
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%
$1,298,800
$1.3M
Cap Rate 7%
$927,714
$927.7K
Cap Rate 9%
$721,556
$721.6K
Market Conditions
NOI Build-Up for 3,500 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
$97.9K $27.96/SF
− Vacancy
−$5.1K −$1.45/SF
EGI
$92.8K $26.51/SF
− OpEx
−$27.8K −$7.95/SF
NOI
$64.9K $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%
$1,298,800
Cap Rate 7%
$927,714
Cap Rate 9%
$721,556
Alternative Uses
Best Use
Multifamily LT 5
$927.7K
$811.8K – $1.08M
NOI $64,940 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$859.0K
$751.6K – $1.00M
NOI $60,129 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.05M
$921.9K – $1.23M
NOI $73,749 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 12571, NY
9,600
Population
4,454
Households
2.2
Avg Household Size
47
Median Age
52%
College-Educated
95%
High-School Grad
58.1 sq mi
ZIP Area
165
Density / Sq Mi
$115,200
Median Household Income
$54,338
Median Earnings
$1,338
Median Rent
$386,300
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 - Two spacious living units on four acres, with wood burning fireplaces, wood stove, and pastoral outdoor living spaces.
Where is this duplex located?
The property is located at 32 Old Route 199 Red Hook, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 1976‑built property set on 4 acres with lawns, pastures, and lightly wooded areas; Two spacious living units: Unit One has 4 bedrooms, 3 bathrooms, and a finished lower level; Unit Two has 2 bedrooms and 2 bathrooms, with a strong history as a short‑term rental
