Updated Two-Family
For Sale
$649,900
361 Lake Drive, Lake Peekskill, NY 10537
Two separately metered apartments combine historic details, private entrances, lake rights, and flexible residential income use.
Property Size1,920 SF
Days on Market49
Property Features for 361 Lake Drive
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Asking Price
$649,900
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,082
Building Details
Building Size
1,920 SF
Year Built
1936
Buildings
1
Units
2
Listing Agency:
RE/MAX Classic Realty
(646) 302-1146
Listed By:
Christine Rowley · License #10301203607
(646) 302-1146
Source:
Millenniumhomes
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 RE/MAX Classic Realty
Investment Insights
Based on property information with market context.
Built in 1936, this duplex includes two separate apartments, each with a private entrance and its own electric meter. The first-floor residence offers two bedrooms, a full bathroom, living and dining areas, an eat-in kitchen, office or guest space, and an enclosed porch with seasonal lake views. The upper apartment adds two bedrooms, a bonus room, remodeled bathroom, updated eat-in kitchen, built-in cabinetry, and a double terrace with seasonal lake views. Original woodwork, built-in bookshelves, antique doorways, and a wood-burning fireplace remain part of the home's character. A full walk-out basement provides storage and includes a separate landlord meter.
Recent work includes a roof and water tank replaced approximately six years ago, hot water heater replacements for the first and second floors, a whole-house electrical rewire approved by the town in April 2026, updated flooring, refinished concrete steps, new Trex rear steps, fresh interior paint, and a fully repainted exterior. North Beach is directly behind the house, and lake rights extend to all three neighborhood beaches. Shopping, restaurants, schools, highways, and Metro-North are nearby, with highways and Metro-North approximately 10 minutes away.
Recent work includes a roof and water tank replaced approximately six years ago, hot water heater replacements for the first and second floors, a whole-house electrical rewire approved by the town in April 2026, updated flooring, refinished concrete steps, new Trex rear steps, fresh interior paint, and a fully repainted exterior. North Beach is directly behind the house, and lake rights extend to all three neighborhood beaches. Shopping, restaurants, schools, highways, and Metro-North are nearby, with highways and Metro-North approximately 10 minutes away.
Key Highlights
- Two separate apartments, each with a private entrance and individual electric meter
- Two bedrooms in each apartment, plus a full walk‑out basement with separate landlord meter
- Lake rights to all three neighborhood beaches; North Beach is behind the house
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
$46,933
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
7.22%
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%
$938,660
$938.7K
Cap Rate 7%
$670,471
$670.5K
Cap Rate 9%
$521,478
$521.5K
Market Conditions
NOI Build-Up for 1,920 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
$88.7K $46.20/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$85.3K $44.44/SF
− OpEx
−$38.4K −$20.00/SF
NOI
$46.9K $24.44/SF
Area
Putnam County, NY
Vacancy
3.80%
Lease Rate
$46.20 /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%
$938,660
Cap Rate 7%
$670,471
Cap Rate 9%
$521,478
Alternative Uses
Best Use
Apartment 5plus
$670.5K
$586.7K – $782.2K
NOI $46,933 @ 7.0% cap · market cap 7.22%
Second Best
Multifamily LT 5
$454.0K
$397.2K – $529.7K
NOI $31,779 @ 7.0% cap · market cap 4.89%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,862 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 10537, NY
2,527
Population
984
Households
2.6
Avg Household Size
41
Median Age
51%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
2,297
Density / Sq Mi
$126,354
Median Household Income
$48,602
Median Earnings
$2,298
Median Rent
$367,500
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 - Two separately metered apartments combine historic details, private entrances, lake rights, and flexible residential income use.
Where is this duplex located?
The property is located at 361 Lake Drive Lake Peekskill, NY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two separate apartments, each with a private entrance and individual electric meter; Two bedrooms in each apartment, plus a full walk‑out basement with separate landlord meter; Lake rights to all three neighborhood beaches; North Beach is behind the house
