Building Details

Building Size 27,453 SF

Year Built 1960

Buildings 8

Units 8

Listing Agency: t***@yahoo.com Show Phone

Listed By: Anthony DeGelormo Show Phone

Source: Elliman

Added: Aug 22 Changed: Aug 29 Last Checked: Aug 30 at 2:45PM

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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 Anthony DeGelormo

Investment Insights

Based on property information with market context.

This multifamily portfolio includes 33 residential units distributed among 8 buildings at 57-58 Highland Ave in Cornwall, New York. The property was built in 1960, and many units have received updates within the past 10 years, providing a mix of existing improvements across the portfolio.

Water and sewer service are provided, while utilities are paid by tenants. The property is positioned for an owner seeking multiple residential units under one ownership structure. Walk Score is 40, categorized as Car-Dependent, and Bike Score is 29, categorized as Somewhat Bikeable.

Key Highlights

• 33 residential units across 8 buildings
• Many units updated within the past 10 years
• Water and sewer service provided; tenant‑paid utilities

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

$513,521

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

9.17%

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%

$10,270,420 $10.3M

Cap Rate 7%

$7,336,014 $7.3M

Cap Rate 9%

$5,705,789 $5.7M

Market Conditions

NOI Build-Up for 27,453 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

$968.5K $35.28/SF

− Vacancy

−$34.9K −$1.27/SF

EGI

$933.7K $34.01/SF

− OpEx

−$420.2K −$15.30/SF

NOI

$513.5K $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%

$10,270,420

Cap Rate 7%

$7,336,014

Cap Rate 9%

$5,705,789

Alternative Uses

Best Use

Apartment 5plus

$7.34M

$6.42M – $8.56M (±1% cap)

NOI $513,521 @ 7.0% cap · market cap 9.17%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$9.30M

$8.14M – $10.85M (±1% cap)

NOI $650,860 @ 7.0% cap · market cap 11.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office HVAC Service Plumbing Service Barber Shop (Bike/Boat/Book/etc) Store Accounting 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

33

Residential units

Location Intelligence

Trade Area within ½ mile

444

Businesses Nearby

Explore this area Business Placement

Demographics for 12518, NY

5,622

Population

2,474

Households

2.3

Avg Household Size

43

Median Age

54%

College-Educated

96%

High-School Grad

8.0 sq mi

ZIP Area

703

Density / Sq Mi

$99,833

Median Household Income

$60,096

Median Earnings

$1,720

Median Rent

$358,200

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?

Apartment building - Residential units include updates completed within the past 10 years.

Where is this apartment building located?

The property is located at 57-58 Highland Ave Cornwall, NY.

What is the asking price?

The asking price for this property is $5,600,000.

What are key features of this property?

This property features: 33 residential units across 8 buildings; Many units updated within the past 10 years; Water and sewer service provided; tenant‑paid utilities