Restored Four-Unit Apartment
For Sale
$1,799,999
375-1577 Goshen Turnpike, Middletown, NY 10941
Historic multifamily property with renovated apartments, climate-controlled garages, and an unfinished rental unit above the barn.
Property Size4,112 SF
Price / SF$437.74
Days on Market1288
Property Features for 375-1577 Goshen Turnpike
General Information
Standard status
Active
Size
4,112 SF
Total Parking Spaces
6
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,135
Amenities
fireplaces
walk-in closets
washer/dryers
security camera system
sprinkler system
ramp
basement storage
Storage Space, Unfinished
Fire Splinkler System, Golf, Marble Counters, Multi Family, Near Public Transportation, Public, Security System
Marble Counters
Square Feet
Security System, Fire Splinkler System
Golf Course, Near Public Transportation, Marble Countertops, Heated Parking, Security System, Sprkinler Fire Sys
No
Driveway, Garage, Parking Lot, Off Street, Storage, Heated Garage, Golf, Near Public Transportation, Level
Building Details
Year Built
1850
Year Renovated
2023
Buildings
2
Construction
wood siding
Listing Agency:
Curasi Realty, Inc.
(845) 457-9174
Listed By:
Jeffrey Lyons · License #10401274491
(845) 457-9174
Source:
Compass
Added: Feb 21, 2023
Changed: Aug 31
Last Checked: Aug 30 at 11:49PM
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 Curasi Realty, Inc.
Investment Insights
Based on property information with market context.
Originally built in 1850, this restored farmhouse contains four apartments within 4,112 square feet on over a half acre. The renovation was completed in December 2023 and combines preserved millwork with updated finishes, including composite flooring, butcher block, granite, quartz, and tile surfaces. Each apartment includes a fireplace, gas cooking appliances, refrigerator, washer and dryer, and a primary bedroom with a walk-in closet; dishwashers are provided in the upstairs units. Basement storage is available for tenants, and municipal water and sewer serve the property.
A separate barn measures approximately 2,644 square feet and contains six climate-controlled garages described as income-producing. The barn also includes a fifth rental unit with a loft that is ready for completion. Additional improvements include security cameras, a sprinkler system, paved parking, a tennis court, a pickleball court, and a playground across the street. The property is located on Goshen Turnpike in Middletown, near major highways, shopping, restaurants, and wineries in the Hudson Valley.
A separate barn measures approximately 2,644 square feet and contains six climate-controlled garages described as income-producing. The barn also includes a fifth rental unit with a loft that is ready for completion. Additional improvements include security cameras, a sprinkler system, paved parking, a tennis court, a pickleball court, and a playground across the street. The property is located on Goshen Turnpike in Middletown, near major highways, shopping, restaurants, and wineries in the Hudson Valley.
Key Highlights
- Four apartments within 4,112 SF; renovation completed in December 2023
- Separate barn measures approximately 2,644sf and includes six climate‑controlled garages
- Fifth rental unit with loft above the barn is ready for completion
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
$76,917
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
4.27%
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%
$1,538,340
$1.5M
Cap Rate 7%
$1,098,814
$1.1M
Cap Rate 9%
$854,633
$854.6K
Market Conditions
NOI Build-Up for 4,112 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
$145.1K $35.28/SF
− Vacancy
−$5.2K −$1.27/SF
EGI
$139.8K $34.01/SF
− OpEx
−$62.9K −$15.30/SF
NOI
$76.9K $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%
$1,538,340
Cap Rate 7%
$1,098,814
Cap Rate 9%
$854,633
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.5K – $1.28M
NOI $76,917 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,488 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with renovated apartments, climate-controlled garages, and an unfinished rental unit above the barn.
Where is this apartment building located?
The property is located at 375-1577 Goshen Turnpike Middletown, NY.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: Four apartments within 4,112 SF; renovation completed in December 2023; Separate barn measures approximately 2,644sf and includes six climate‑controlled garages; Fifth rental unit with loft above the barn is ready for completion
