Two-Home Residential Income
For Sale
$299,900
Pending
401 State Route 7, Richmondville, NY 12149
MULTI_FAMILY - Other - Richmondville, NY
Property Size2,672 SF
Lot Size3.00 Acres
Days on Market198
Property Features for 401 State Route 7
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 2
Parking
6
Parking features
Driveway
Patio and Porch features
Porch
Interior features
Solid Surface Counters, High Speed Internet
Fireplace
1
Basement
Unfinished, Crawl Space, Partial
Lot features
Level, Cleared
Elementary school district
Cobleskill-Richmondville
Middle school district
Cobleskill-Richmondville
High school district
Cobleskill-Richmondville
Directions
From the Village of Cobleskill head west on Main Street, continue on NY-7 W for 7.9 miles
Standard status
Pending
APN
434089 77-2-27
Size
2,672 SF
Lot size
3.00 Acres
Taxes and HOA fees
Tax Annual Amount
6074
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Radiant, Oil, Propane (Heating), Pellet Stove, Baseboard
Cooling system
Window Unit(s)
Water source
Well
Building Details
Year built
1899
Number of units
2
Building materials
Drywall
Roof type
Shingle, Asphalt
Architectural style
Other
Additional Structures
Guest House
Listing Agency:
Country Boy Realty
(518) 234-4371
Listed By:
Lynnette J Butler · License #10401375483
(518) 231-8506
Added: Feb 5
Changed: Jul 24
Last Checked: Aug 22 at 10:06PM
MLS# 202611579
Copyright © 2026 Global MLS, Inc. 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.
This residential income property features two separate homes on 3 private acres. The main residence is an 1800s Colonial with 4 bedrooms and 2 full baths, including a dining area with exposed wood beams, ceiling fans throughout, and a kitchen with ample cabinetry and a pellet stove. A covered front porch overlooks the private setting.
The second home offers 2 bedrooms and 1 full bath, providing additional flexibility for long-term rental, guest use, or other household arrangements. Both homes have their own washer and dryer and separate utilities.
Outdoor amenities include a storage shed and a fenced area for pets, along with expansive space for recreation or relaxation. Located in Richmondville, Schoharie County, the property is addressed at 401 State Route 7 and is positioned near regional attractions such as Howe Caverns, Secret Caverns, the Iroquois Museum, and Kymar Farm Distillery.
The second home offers 2 bedrooms and 1 full bath, providing additional flexibility for long-term rental, guest use, or other household arrangements. Both homes have their own washer and dryer and separate utilities.
Outdoor amenities include a storage shed and a fenced area for pets, along with expansive space for recreation or relaxation. Located in Richmondville, Schoharie County, the property is addressed at 401 State Route 7 and is positioned near regional attractions such as Howe Caverns, Secret Caverns, the Iroquois Museum, and Kymar Farm Distillery.
Key Highlights
- Two separate homes on 3 private acres in Richmondville with a total of 6 bedrooms and 3 full baths
- Main residence: 4‑bedroom, 2‑bath 1800s Colonial with exposed wood beams in the dining area and ceiling fans throughout
- Second home: 2‑bedroom, 1‑bath with separate living setup for long‑term rental, short‑term rental, guest house, or in‑law suite
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
$27,294
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
9.10%
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%
$545,880
$545.9K
Cap Rate 7%
$389,914
$389.9K
Cap Rate 9%
$303,267
$303.3K
Market Conditions
NOI Build-Up for 2,672 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
$52.9K $19.80/SF
− Vacancy
−$3.3K −$1.23/SF
EGI
$49.6K $18.57/SF
− OpEx
−$22.3K −$8.36/SF
NOI
$27.3K $10.21/SF
Area
Schoharie County, NY
Vacancy
6.20%
Lease Rate
$19.80 /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%
$545,880
Cap Rate 7%
$389,914
Cap Rate 9%
$303,267
Alternative Uses
Best Use
Multifamily LT 5
$434.7K
$380.4K – $507.2K
NOI $30,430 @ 7.0% cap · market cap 10.15%
Second Best
Apartment 5plus
$389.9K
$341.2K – $454.9K
NOI $27,294 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$704.9K
$616.8K – $822.4K
NOI $49,346 @ 7.0% cap · market cap 16.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 12149, NY
2,294
Population
1,318
Households
1.7
Avg Household Size
45
Median Age
23%
College-Educated
92%
High-School Grad
44.4 sq mi
ZIP Area
52
Density / Sq Mi
$58,750
Median Household Income
$37,636
Median Earnings
$818
Median Rent
$147,300
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 separate residences on 3 private acres with 6 bedrooms, 3 full baths, and separate utilities.
Where is this duplex located?
The property is located at 401 State Route 7 Richmondville, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two separate homes on 3 private acres in Richmondville with a total of 6 bedrooms and 3 full baths; Main residence: 4‑bedroom, 2‑bath 1800s Colonial with exposed wood beams in the dining area and ceiling fans throughout; Second home: 2‑bedroom, 1‑bath with separate living setup for long‑term rental, short‑term rental, guest house, or in‑law suite
