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    Cragsmoor Multifamily Property with Cottage Title is generated by Realmo AI

    421-423 Hillside Road, Cragsmoor, NY 12420

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    For Sale
    $795,000

    MULTI_FAMILY - Cottage - Cragsmoor, NY

    Type:Single Family Residence
    Property size:
    3,256 SF
    Lot size:
    4.50 Acres
    Price / SF:
    $244/SF
    Added:
    Sep 14, 2025
    Days on Market:
    245
    Last Refresh:
    May 16 at 7:06 pm

    Property Features for 421-423 Hillside Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Zoning
    RH
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Basement
    Parking features
    Garage, Carport
    Patio and Porch features
    Patio, Porch
    Interior features
    3 Seasons Room, Eat-in Kitchen, Natural Woodwork, Open Floorplan, Recessed Lighting
    Exterior features
    Garden, Private Yard
    Fireplace
    1
    Basement
    Sump Pump, Interior Entry, Walk-Out Access, Exterior Entry, Walk-Up Access
    Appliances
    Washer/Dryer, Stainless Steel Appliance(s), Refrigerator, Free-Standing Refrigerator, Free-Standing Electric Oven, Electric Oven, Dishwasher
    Standard status
    Active
    APN
    91.18-1-32
    Size
    3,256 SF
    Lot size
    4.50 Acres

    Taxes and HOA fees

    Tax Description
    280 Multiple residence
    Tax Annual Amount
    9431

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Oil
    Water source
    Well

    Building Details

    Year built
    1907
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood, Tile - Ceramic
    Building materials
    Frame
    Roof type
    Asphalt, Membrane
    Architectural style
    Cottage

    We can help!

    Listing Contact
    Carolyn Peters-Baker
    Carolyn Peters-Baker

    Listing agent Carolyn Peters-Baker License #30PE1022668

    Listing office Keller Williams Realty HV Nort 15 Taylor Street, Kingston, NY

    Listing date Sep 14, 2025

    MLS# 20254378 Listing URL

    Copyright © 2026 Hudson Valley Catskill Region MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 4. 5 wooded acres adjacent to 24,000 acres of protected Minnewaska State Park Preserve and Sam's Point Preserve.
    • Main house (4 bed, 2 bath) and separate renovated cottage (3 bed, 1 bath) offer flexible living options.
    • Historic main house ('The Falcon') built in 1907 with chestnut post and beam construction, stone fireplace, and hardwood floors.
    • Cottage fully renovated in 2021 with stone fireplace, patio, and stone terrace.
    • Located in the historic artists' hamlet of Cragsmoor with scenic views in the Shawangunk Mountains.
    • Convenient access to the cultural and culinary attractions of the Hudson River Valley and 1 hour 45 minutes from New York City.

    Overview

    Located in the historic artists' hamlet of Cragsmoor, NY, this property features a 4-bedroom, 2-bath main house and a 3-bedroom, 1-bath cottage situated on 4.5 wooded acres with scenic views. The property is located on a ridge in the Shawangunk Mountains, encircled by 24,000 acres of protected lands within the Minnewaska State Park Preserve, with Sam's Point Preserve nearby. The main house, built in 1907 by architect Frederick Dellenbaugh for artist Carroll Butler Brown and named the Falcon, features a chestnut post and beam living room with a chestnut staircase, a working stone fireplace, a formal dining room, an office area, a kitchen, a full bath, and a mudroom on the first floor. The second floor includes 4 bedrooms and a full bath. Hardwood floors are present throughout the main house. The basement includes a laundry room and a mechanical room, opening to a two-car garage. The cottage, fully renovated in 2021, includes a working stone fireplace in the living room that flows into the kitchen, with doors to a patio on one side and a stone terrace on the other. The first floor also has a room suitable for a small bedroom or office. The second floor features a full bath, 2 bedrooms, and a 3-season sleeping porch. The property is centrally located for enjoying the cultural and culinary offerings of the Hudson River Valley, and is approximately an hour and forty-five minutes from New York City. The property size is 3256 square feet.
    Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Cragsmoor
    County
    Ulster
    State
    New York
    Longitude
    -74.38781
    Latitude
    41.679909

    FAQs

    What type of property is this?
    Single family property - Four-bedroom house and three-bedroom cottage on 4.5 acres.
    Where is this single family property located?
    The property is located at 421-423 Hillside Road Cragsmoor, NY.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: 4. 5 wooded acres adjacent to 24,000 acres of protected Minnewaska State Park Preserve and Sam's Point Preserve.; Main house (4 bed, 2 bath) and separate renovated cottage (3 bed, 1 bath) offer flexible living options.; Historic main house ('The Falcon') built in 1907 with chestnut post and beam construction, stone fireplace, and hardwood floors.
    (845) 853-3412
    We can help!
    Listing Contact
    Carolyn Peters-Baker
    Carolyn Peters-Baker
    Real Estate License ID: 30PE1022668
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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