Mixed-Use Property with
For Sale
$800,000
37 S Plank Rd, Westtown, NY 10998
Three-bedroom home plus two-bedroom cottage and barn, with an approved owner-occupied workshop setup potential.
Property Size3,588 SF
Lot Size3.30 Acres
Days on Market50
Property Features for 37 S Plank Rd
General Information
Standard status
Active
Size
3,588 SF
Lot size
3.30 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$11,920
Building Details
Building Size
3,588 SF
Year Built
1750
Units
3
Listing Agency:
Keller Williams Hudson Valley
(845) 800-2184
Listed By:
Nancy E. LaBarbera
(845) 800-2184
Source:
Elliman
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 11 at 11:22AM
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 Keller Williams Hudson Valley
Investment Insights
Based on property information with market context.
The property is a mixed-use setup on 3.3 acres, combining residential income with on-site business utility. It includes a three-bedroom single-family residence as the primary dwelling, along with a separate two-bedroom cottage that can support rental income. The grounds also feature a classic barn structure with additional storage and potential for repurposing, depending on approvals.
An attached two-car garage includes an adjoining workshop, and the owner-occupied business use described for that workshop must be approved by the planning board. The property also has an additional two-car garage, adding further parking and storage or workspace options.
From a tenant and operator standpoint, the configuration can support multiple paths: residential use through the main home and cottage, and business activity through the garage workshop subject to municipal requirements. The flexible layout is described as workable for trades, studio work, or on-site commercial operations, as well as home-based enterprises such as a florist shop, yoga or wellness studio, dance studio, artisan workshop, or office space, all subject to municipal approvals. The setting is noted as car-dependent, with walk score 1 and bike score 26, which aligns with a property best suited to users who plan to drive.
An attached two-car garage includes an adjoining workshop, and the owner-occupied business use described for that workshop must be approved by the planning board. The property also has an additional two-car garage, adding further parking and storage or workspace options.
From a tenant and operator standpoint, the configuration can support multiple paths: residential use through the main home and cottage, and business activity through the garage workshop subject to municipal requirements. The flexible layout is described as workable for trades, studio work, or on-site commercial operations, as well as home-based enterprises such as a florist shop, yoga or wellness studio, dance studio, artisan workshop, or office space, all subject to municipal approvals. The setting is noted as car-dependent, with walk score 1 and bike score 26, which aligns with a property best suited to users who plan to drive.
Key Highlights
- Year built 1750 mixed‑use property on 3.3 acres with multiple income and use options
- Includes a 3‑bedroom single‑family residence as the primary dwelling
- Separate 2‑bedroom cottage provides additional rental income potential
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
$71,316
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
8.91%
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%
$1,426,320
$1.4M
Cap Rate 7%
$1,018,800
$1.0M
Cap Rate 9%
$792,400
$792.4K
Market Conditions
NOI Build-Up for 3,588 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
$105.5K $29.40/SF
− Vacancy
−$3.6K −$1.01/SF
EGI
$101.9K $28.39/SF
− OpEx
−$30.6K −$8.52/SF
NOI
$71.3K $19.88/SF
Area
Orange County, NY
Vacancy
3.42%
Lease Rate
$29.40 /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%
$1,426,320
Cap Rate 7%
$1,018,800
Cap Rate 9%
$792,400
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$891.5K – $1.19M
NOI $71,316 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$958.8K
$838.9K – $1.12M
NOI $67,115 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,065 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 10998, NY
3,588
Population
1,273
Households
2.8
Avg Household Size
41
Median Age
41%
College-Educated
91%
High-School Grad
21.6 sq mi
ZIP Area
166
Density / Sq Mi
$117,212
Median Household Income
$53,125
Median Earnings
$1,824
Median Rent
$442,200
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 - Three-bedroom home plus two-bedroom cottage and barn, with an approved owner-occupied workshop setup potential.
Where is this duplex located?
The property is located at 37 S Plank Rd Westtown, NY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Year built 1750 mixed‑use property on 3.3 acres with multiple income and use options; Includes a 3‑bedroom single‑family residence as the primary dwelling; Separate 2‑bedroom cottage provides additional rental income potential
