Renovated Four-Unit
For Sale
$1,590,000
375 Blumel, Middletown, NY 10941
Residential Income, Middletown, NY
Property Size5,600 SF
Lot Size1.66 Acres
Price / SF$283.93
Days on Market181
Property Features for 375 Blumel
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Lot features
Corner Lot
High school district
PINE BUSH CENTRAL SCHOOL DISTRICT
Standard status
Active
APN
3352002411732
Lot size
1.66 Acres
Taxes and HOA fees
Tax Annual Amount
32000
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Floors in Building
2
Flooring type
Hardwood
Building materials
Wood Siding
Roof type
Metal
Listing Agency:
ZORA REI
(516) 491-9053
Listed By:
Keegan Rehill
(516) 307-1340
Added: Mar 4
Changed: Sep 1
Last Checked: Sep 1 at 6:06PM
MLS# 11666953
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Originally built in 1787 and renovated in 2024, this 5,600-square-foot quadplex contains four residential units with updated kitchens, modern bathrooms, hardwood flooring, and contemporary finishes. The wood-sided building retains historic character while incorporating forced-air heating, a metal roof, and public water service.
The 1.66-acre property also includes five rentable, conditioned garage units that can support storage, hobby activities, workshops, or small business uses. Open land and generous parking complement the residential layout. The property is positioned near Route 17, Interstate 84, Middletown, and commuter routes serving Orange County and the Hudson Valley.
The 1.66-acre property also includes five rentable, conditioned garage units that can support storage, hobby activities, workshops, or small business uses. Open land and generous parking complement the residential layout. The property is positioned near Route 17, Interstate 84, Middletown, and commuter routes serving Orange County and the Hudson Valley.
Key Highlights
- Four renovated residential units in a quadplex configuration
- 5,600 square feet on 1.66 acres
- Renovated in 2024; originally constructed in 1787
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
$111,307
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
7.00%
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%
$2,226,140
$2.2M
Cap Rate 7%
$1,590,100
$1.6M
Cap Rate 9%
$1,236,744
$1.2M
Market Conditions
NOI Build-Up for 5,600 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
$164.6K $29.40/SF
− Vacancy
−$5.6K −$1.01/SF
EGI
$159.0K $28.39/SF
− OpEx
−$47.7K −$8.52/SF
NOI
$111.3K $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%
$2,226,140
Cap Rate 7%
$1,590,100
Cap Rate 9%
$1,236,744
Alternative Uses
Best Use
Multifamily LT 5
$1.59M
$1.39M – $1.86M
NOI $111,307 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $104,751 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,766 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
62
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Historic wood-sided property includes flexible conditioned garage space and open grounds.
Where is this quadplex located?
The property is located at 375 Blumel Middletown, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Four renovated residential units in a quadplex configuration; 5,600 square feet on 1.66 acres; Renovated in 2024; originally constructed in 1787
