Vacant Side-by-Side
New
For Sale
$885,000
5 Central Avenue, Tappan, NY 10983
Legal two-family property with separate utilities, private basements, and flexible owner-occupant or rental use.
Property Size2,159 SF
Days on Market2
Property Features for 5 Central Avenue
General Information
Standard status
Active
Size
2,159 SF
Total Parking Spaces
6
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,795
Building Details
Building Size
2,159 SF
Year Built
1927
Buildings
1
Units
2
Listing Agency:
R2M Realty Inc.
(845) 358-2001
Listed By:
Christina Lardin
(914) 261-2143
Source:
Professionalchoicerealty
Added: Sep 18
Last Checked: Sep 18 at 2:28PM
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 R2M Realty Inc.
Investment Insights
Based on property information with market context.
Built in 1927, this legal side-by-side duplex includes two residences, each with 2 bedrooms and 1 full bath. One unit provides a larger living area, while both offer private basements, individual washer/dryer setups, and separate gas, electric, and water utilities. Wood flooring, high ceilings, updated kitchens and bathrooms, and period architectural details define the interiors. Improvements include newer furnaces installed in 2026 and 2017, along with electrical updates, roofing, siding, and windows completed in 2012.
The property includes a 3-car garage, driveway access, and additional off-street parking. Both apartments will be delivered vacant, allowing the next owner to select occupants or establish an owner-occupied arrangement. The property is located within the South Orangetown School District and near town amenities, the Old 76 House, shopping, dining, and transportation options, including bus service to NYC.
The property includes a 3-car garage, driveway access, and additional off-street parking. Both apartments will be delivered vacant, allowing the next owner to select occupants or establish an owner-occupied arrangement. The property is located within the South Orangetown School District and near town amenities, the Old 76 House, shopping, dining, and transportation options, including bus service to NYC.
Key Highlights
- Legal side‑by‑side duplex with two 2‑bedroom, 1‑bath residences
- Both apartments delivered vacant for flexible occupancy planning
- 3‑car garage plus driveway and additional off‑street parking
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
$38,153
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
4.31%
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%
$763,060
$763.1K
Cap Rate 7%
$545,043
$545.0K
Cap Rate 9%
$423,922
$423.9K
Market Conditions
NOI Build-Up for 2,159 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
$58.3K $27.00/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$54.5K $25.25/SF
− OpEx
−$16.4K −$7.57/SF
NOI
$38.2K $17.67/SF
Area
Rockland County, NY
Vacancy
6.50%
Lease Rate
$27.00 /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%
$763,060
Cap Rate 7%
$545,043
Cap Rate 9%
$423,922
Alternative Uses
Best Use
Multifamily LT 5
$545.0K
$476.9K – $635.9K
NOI $38,153 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$505.5K
$442.3K – $589.7K
NOI $35,382 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $99,924 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 10983, NY
5,777
Population
1,926
Households
3
Avg Household Size
44
Median Age
62%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
2,751
Density / Sq Mi
$178,664
Median Household Income
$70,800
Median Earnings
$2,237
Median Rent
$593,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with separate utilities, private basements, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 5 Central Avenue Tappan, NY.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: Legal side‑by‑side duplex with two 2‑bedroom, 1‑bath residences; Both apartments delivered vacant for flexible occupancy planning; 3‑car garage plus driveway and additional off‑street parking
