Building Details

Year Built 1860

Stories 2

Units 2

Listing Agency: Four Seasons Sotheby's Int.

Listed By: Juliana Botta · License #10401289918

Source: Crexi

Added: Jul 27 Changed: Aug 14 Last Checked: Aug 21 at 5:57PM

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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 Four Seasons Sotheby's Int.

Investment Insights

Based on property information with market context.

Located at 420 Rhinecliff Road, this legal duplex contains 2,906 square feet and was built in 1860. The layout includes a 2-bedroom apartment on the first floor and a 3-bedroom apartment on the upper level, providing distinct residential spaces within one property. The home is zoned RA10 and spans two parcels totaling nearly one acre.

Recent improvements include a new roof and HVAC system installed in 2026, along with a hot water heater and sump pump added in 2022. A detached garage on the adjoining parcel has also received a new roof. The property is near the Rhinecliff Amtrak station and minutes from Rhinebeck village. The upper-level kitchen could be reconfigured into an ensuite primary bathroom with private rear-deck access, while garage conversion ideas remain subject to town approval.

Key Highlights

• Legal two‑family duplex with 2‑bedroom and 3‑bedroom apartments
• 2,906 square feet on two parcels totaling nearly one acre
• New roof and HVAC system installed in 2026

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

$53,919

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

7.65%

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%

$1,078,380 $1.1M

Cap Rate 7%

$770,271 $770.3K

Cap Rate 9%

$599,100 $599.1K

Market Conditions

NOI Build-Up for 2,906 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

$81.3K $27.96/SF

− Vacancy

−$4.2K −$1.45/SF

EGI

$77.0K $26.51/SF

− OpEx

−$23.1K −$7.95/SF

NOI

$53.9K $18.55/SF

Area

Dutchess County, NY

Vacancy

5.20%

Lease Rate

$27.96 /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%

$1,078,380

Cap Rate 7%

$770,271

Cap Rate 9%

$599,100

Alternative Uses

Best Use

Multifamily LT 5

$770.3K

$674.0K – $898.7K (±1% cap)

NOI $53,919 @ 7.0% cap · market cap 7.65%

Second Best

Apartment 5plus

$713.2K

$624.1K – $832.1K (±1% cap)

NOI $49,924 @ 7.0% cap · market cap 7.08%

Theoretical Best

Office A

$874.8K

$765.4K – $1.02M (±1% cap)

NOI $61,233 @ 7.0% cap · market cap 8.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Restaurant Gym & Fitness Center Spa & Massage Center Food Market Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

15

Businesses Nearby

Explore this area Business Placement

Demographics for 12572, NY

9,258

Population

4,785

Households

1.9

Avg Household Size

55

Median Age

51%

College-Educated

95%

High-School Grad

51.0 sq mi

ZIP Area

182

Density / Sq Mi

$96,377

Median Household Income

$59,583

Median Earnings

$1,631

Median Rent

$458,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Legal two-family property with separate apartments suited to rental use or multigenerational living.

Where is this duplex located?

The property is located at 420 Rhinecliff Road Rhinecliff, NY.

What is the asking price?

The asking price for this property is $705,000.

What are key features of this property?

This property features: Legal two‑family duplex with 2‑bedroom and 3‑bedroom apartments; 2,906 square feet on two parcels totaling nearly one acre; New roof and HVAC system installed in 2026