Three-Family Residential Income
For Sale
$875,000
592 Long Pond Rd, Mahopac, NY 10541
Legal three-family with two buildings, detached garage rental income, and an in-ground pool on a corner lot.
Property Size2,072 SF
Lot Size0.75 Acres
Days on Market49
Property Features for 592 Long Pond Rd
General Information
Standard status
Active
Size
2,072 SF
Lot size
0.75 Acres
Property subtype
Investment
Additional Details
Cap Rate
6%
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$17,320
Building Details
Building Size
2,072 SF
Year Built
1955
Units
3
Listing Agency:
Giner Real Estate
(917) 374-0026
Listed By:
Michael A. Tarallo · License #RES.0814389
(917) 374-0026
Source:
Elliman
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 10 at 6:09AM
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 Giner Real Estate
Investment Insights
Based on property information with market context.
This legal three-family compound includes two separate buildings on a level, easy-to-maintain corner lot. The main building has two spacious two-bedroom apartments, and the detached garage building has a one-bedroom apartment above a two-car detached garage. The property also includes an in-ground swimming pool, private well, two septic systems, ample off-street parking, and additional storage opportunities.
According to current operations, the property is producing an approximate 6% cap rate with below-market-value rents. Two of the residential units are currently occupied by month-to-month tenants, and one apartment will be delivered vacant, creating flexibility for an owner-occupant or for immediate leasing at current market rental rates.
For tenants, this layout offers a combination of multi-unit living options and an additional income stream from the detached garage rental. For buyers and investors, the structure provides multiple revenue sources through the three legal residential units plus the separate garage apartment, along with a clear opportunity to reposition the vacant unit. The property is located near shopping, restaurants, recreation, schools, and major commuter routes.
According to current operations, the property is producing an approximate 6% cap rate with below-market-value rents. Two of the residential units are currently occupied by month-to-month tenants, and one apartment will be delivered vacant, creating flexibility for an owner-occupant or for immediate leasing at current market rental rates.
For tenants, this layout offers a combination of multi-unit living options and an additional income stream from the detached garage rental. For buyers and investors, the structure provides multiple revenue sources through the three legal residential units plus the separate garage apartment, along with a clear opportunity to reposition the vacant unit. The property is located near shopping, restaurants, recreation, schools, and major commuter routes.
Key Highlights
- Legal three‑family property on a level 0.75‑acre corner lot with two separate buildings plus a detached two‑car garage.
- Main building has two spacious 2‑bedroom apartments; detached garage building includes a 1‑bedroom apartment above.
- Multiple income streams: residential unit rentals plus separate detached garage rental income.
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
$50,649
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
5.79%
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%
$1,012,980
$1.0M
Cap Rate 7%
$723,557
$723.6K
Cap Rate 9%
$562,767
$562.8K
Market Conditions
NOI Build-Up for 2,072 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
$95.7K $46.20/SF
− Vacancy
−$3.6K −$1.76/SF
EGI
$92.1K $44.44/SF
− OpEx
−$41.4K −$20.00/SF
NOI
$50.6K $24.44/SF
Area
Putnam County, NY
Vacancy
3.80%
Lease Rate
$46.20 /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%
$1,012,980
Cap Rate 7%
$723,557
Cap Rate 9%
$562,767
Alternative Uses
Best Use
Apartment 5plus
$723.6K
$633.1K – $844.2K
NOI $50,649 @ 7.0% cap · market cap 5.79%
Second Best
Multifamily LT 5
$489.9K
$428.7K – $571.6K
NOI $34,295 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,897 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 10541, NY
25,651
Population
9,614
Households
2.7
Avg Household Size
43
Median Age
43%
College-Educated
93%
High-School Grad
24.8 sq mi
ZIP Area
1,034
Density / Sq Mi
$133,929
Median Household Income
$58,450
Median Earnings
$1,967
Median Rent
$472,600
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?
Triplex - Legal three-family with two buildings, detached garage rental income, and an in-ground pool on a corner lot.
Where is this triplex located?
The property is located at 592 Long Pond Rd Mahopac, NY.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Legal three‑family property on a level 0.75‑acre corner lot with two separate buildings plus a detached two‑car garage.; Main building has two spacious 2‑bedroom apartments; detached garage building includes a 1‑bedroom apartment above.; Multiple income streams: residential unit rentals plus separate detached garage rental income.
