Gated Apartment
For Sale
$3,999,999
43 Freeland St, Monroe, NY 10950
MULTI_FAMILY - Monroe, NY
Property Size12,000 SF
Lot Size2.90 Acres
Price / SF$333.33
Days on Market168
Property Features for 43 Freeland St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
24
Full bathrooms
6
Half bathrooms
18
Rooms
Bedroom 6, Bathroom 14, Bedroom 1, Bathroom 22, Bathroom 19, Bedroom 11, Bathroom 11, Bathroom 23, Bathroom 5, Bathroom 13, Bathroom 7, Bathroom 18, Bathroom 12, Bedroom 4, Bathroom 3, Bedroom 10, Bedroom 8, Bedroom 15, Bathroom 1, Bathroom 8, Bedroom 12, Bathroom 21, Bedroom 7, Bedroom 3, Bedroom 9, Bedroom 5, Bathroom 16, Bathroom 17, Bathroom 4, Bathroom 20, Bathroom 6, Bedroom 13, Bathroom 9, Bathroom 2, Bathroom 10, Bathroom 24, Bedroom 14, Bathroom 15, Bedroom 2
Patio and Porch features
Porch, Deck
High school district
000000
Standard status
Active
APN
334001-214.000-0001-062.000
Lot size
2.90 Acres
Taxes and HOA fees
Tax Annual Amount
32950
Utilities
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Building Details
Year built
2020
Floors in Building
2
Flooring type
Granite, Hardwood, Tile
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Nazma Real Estate LLC
(845) 893-2920
Listed By:
Nazma Sooknanan
(845) 893-2920
Added: Mar 12
Changed: Aug 5
Last Checked: Aug 26 at 4:06PM
MLS# 11791208
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.
This apartment building is located on a private gated 2.9-acre property in the Village of Monroe and was built in 2020. The multi-use facility is approximately 12,000 sq ft and is currently being used as a private high school with dormitory, along with residential units as residence. The building features four full kitchens, 15 bedrooms, and 28 bathrooms, plus on-site parking for 15+ vehicles.
The property is configured for residential/institutional use and is currently leased. On-site features include deck and porch areas, along with a roof system identified as asphalt and vinyl siding. Heating is provided by natural gas with hot water and baseboard. Water source is listed as public.
Beyond its current use, the property description notes potential for other permitted uses, subject to municipal approvals and zoning requirements, including educational facility, daycare, residential program, office space, wellness or medical services, retreat facility, hospitality use, or event space.
The property is configured for residential/institutional use and is currently leased. On-site features include deck and porch areas, along with a roof system identified as asphalt and vinyl siding. Heating is provided by natural gas with hot water and baseboard. Water source is listed as public.
Beyond its current use, the property description notes potential for other permitted uses, subject to municipal approvals and zoning requirements, including educational facility, daycare, residential program, office space, wellness or medical services, retreat facility, hospitality use, or event space.
Key Highlights
- Private gated 2.9‑acre property in the Village of Monroe
- Approximately 12,000 sq ft multi‑use building built in 2020
- Currently used as a private high school with dormitory and residential units
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
$224,465
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
5.61%
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%
$4,489,300
$4.5M
Cap Rate 7%
$3,206,643
$3.2M
Cap Rate 9%
$2,494,056
$2.5M
Market Conditions
NOI Build-Up for 12,000 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
$423.4K $35.28/SF
− Vacancy
−$15.2K −$1.27/SF
EGI
$408.1K $34.01/SF
− OpEx
−$183.7K −$15.30/SF
NOI
$224.5K $18.71/SF
Area
Orange County, NY
Vacancy
3.60%
Lease Rate
$35.28 /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%
$4,489,300
Cap Rate 7%
$3,206,643
Cap Rate 9%
$2,494,056
Alternative Uses
Best Use
Apartment 5plus
$3.21M
$2.81M – $3.74M
NOI $224,465 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.56M – $4.74M
NOI $284,498 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 10950, NY
62,741
Population
17,531
Households
3.6
Avg Household Size
21
Median Age
26%
College-Educated
85%
High-School Grad
36.8 sq mi
ZIP Area
1,705
Density / Sq Mi
$77,123
Median Household Income
$38,496
Median Earnings
$1,693
Median Rent
$458,800
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?
Apartment building - Private gated apartment building currently leased and configured for residential and institutional use.
Where is this apartment building located?
The property is located at 43 Freeland St Monroe, NY.
What is the asking price?
The asking price for this property is $3,999,999.
What are key features of this property?
This property features: Private gated 2.9‑acre property in the Village of Monroe; Approximately 12,000 sq ft multi‑use building built in 2020; Currently used as a private high school with dormitory and residential units
