Renovated Mixed-Use
For Sale
$549,000
377 Washington Avenue, Kingston, NY 12401
Two residential apartments are positioned above a commercial storefront in a flexible mixed-use configuration.
Property Size2,236 SF
Days on Market12
Property Features for 377 Washington Avenue
General Information
Standard status
Active
Size
2,236 SF
Property subtype
Mixed Use
Zoning
T4N-O
Net Operating Income
$30,296
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,723
Building Details
Building Size
2,236 SF
Year Built
1960
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Hudson Valley Real Estate Brok
(845) 853-8250
Listed By:
Robert Leone
Source:
Berardirealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 10:53PM
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 Hudson Valley Real Estate Brok
Investment Insights
Based on property information with market context.
This 2-story mixed-use property combines a ground-floor commercial storefront with two residential apartments. The approximately 750-square-foot commercial space is occupied by a tattoo shop and includes a renovated bathroom, updated lighting, new flooring and paint, plus a dedicated heat pump for heating and cooling. One apartment is occupied month-to-month, while the second apartment is vacant and recently refreshed with an updated bathroom, flooring and paint.
Apartment 1 received a comprehensive renovation with a rebuilt structural floor system, new kitchen cabinetry and appliances, a new bathroom, ductless mini-split heat pump service, and refreshed finishes. Building improvements include independent heat pump or mini-split systems, a new shingled roof over the rear addition installed in 2025, a new gas meter, a new backflow preventer, and electrical and utility upgrades. The property is located in the T4N-O zoning district and was built in 1960.
Apartment 1 received a comprehensive renovation with a rebuilt structural floor system, new kitchen cabinetry and appliances, a new bathroom, ductless mini-split heat pump service, and refreshed finishes. Building improvements include independent heat pump or mini-split systems, a new shingled roof over the rear addition installed in 2025, a new gas meter, a new backflow preventer, and electrical and utility upgrades. The property is located in the T4N-O zoning district and was built in 1960.
Key Highlights
- 2‑story building with one commercial storefront and 2 residential apartments
- Approximately 750 sq. ft. ground‑floor storefront occupied by a tattoo shop
- T4N‑O zoning district
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
$26,624
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
4.85%
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%
$532,480
$532.5K
Cap Rate 7%
$380,343
$380.3K
Cap Rate 9%
$295,822
$295.8K
Market Conditions
NOI Build-Up for 2,236 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
$40.2K $18.00/SF
− Vacancy
−$2.2K −$0.99/SF
EGI
$38.0K $17.01/SF
− OpEx
−$11.4K −$5.10/SF
NOI
$26.6K $11.91/SF
Area
Ulster County, NY
Vacancy
5.50%
Lease Rate
$18.00 /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%
$532,480
Cap Rate 7%
$380,343
Cap Rate 9%
$295,822
Alternative Uses
Best Use
Apartment 5plus
$18.21M
$15.93M – $21.25M
NOI $1,274,795 @ 7.0% cap · market cap 232.20%
Second Best
Retail
$380.3K
$332.8K – $443.7K
NOI $26,624 @ 7.0% cap · market cap 4.85%
Theoretical Best
Multifamily LT 5
$20.91M
$18.30M – $24.40M
NOI $1,463,738 @ 7.0% cap · market cap 266.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 12401, NY
35,493
Population
16,914
Households
2.1
Avg Household Size
42
Median Age
32%
College-Educated
89%
High-School Grad
58.9 sq mi
ZIP Area
603
Density / Sq Mi
$67,426
Median Household Income
$42,503
Median Earnings
$1,300
Median Rent
$285,700
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?
Mixed-use property - Two residential apartments are positioned above a commercial storefront in a flexible mixed-use configuration.
Where is this mixed-use property located?
The property is located at 377 Washington Avenue Kingston, NY.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 2‑story building with one commercial storefront and 2 residential apartments; Approximately 750 sq. ft. ground‑floor storefront occupied by a tattoo shop; T4N‑O zoning district
