Two-Family Residential
For Sale
$349,000
60 Prospect Street, Philmont, NY 12565
Two separate apartments each offer bedrooms, a bath, and a private outdoor patio with off-street parking.
Property Size2,500 SF
Days on Market198
Property Features for 60 Prospect Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,877
Building Details
Building Size
2,500 SF
Year Built
1900
Listing Agency:
William Raveis Real Estate
Listed By:
Paige Paluch · License #10401374886
Source:
Tkgre
Added: Feb 20
Changed: Aug 31
Last Checked: Sep 5 at 8:49AM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This two-family residential income property includes a lower unit with 3 bedrooms and 1 bathroom and an upper unit with 2 bedrooms and 1 bathroom. Each apartment has its own outdoor patio and receives abundant natural light. The property is described as well maintained throughout, with separately metered apartments for straightforward utility management.
Located in the heart of Philmont, the home provides off-street parking. The offering notes long-term tenants in place.
With two independent units and separate metering, the building is configured to support clear, apartment-level expense tracking while maintaining a traditional, character-oriented layout.
Located in the heart of Philmont, the home provides off-street parking. The offering notes long-term tenants in place.
With two independent units and separate metering, the building is configured to support clear, apartment-level expense tracking while maintaining a traditional, character-oriented layout.
Key Highlights
- Two‑family home built in 1900 in Philmont
- Lower unit: 3 bedrooms and 1 bath with generous living space
- Upper unit: 2 bedrooms and 1 bath with a private outdoor patio
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
$26,791
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
7.68%
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%
$535,820
$535.8K
Cap Rate 7%
$382,729
$382.7K
Cap Rate 9%
$297,678
$297.7K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$38.3K $15.31/SF
− OpEx
−$11.5K −$4.59/SF
NOI
$26.8K $10.72/SF
Area
Columbia County, NY
Vacancy
5.50%
Lease Rate
$16.20 /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%
$535,820
Cap Rate 7%
$382,729
Cap Rate 9%
$297,678
Alternative Uses
Best Use
Multifamily LT 5
$382.7K
$334.9K – $446.5K
NOI $26,791 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$335.9K
$293.9K – $391.9K
NOI $23,513 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$618.5K
$541.2K – $721.6K
NOI $43,296 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Explore this area
Business Placement
Demographics for 12565, NY
1,402
Population
744
Households
1.9
Avg Household Size
43
Median Age
26%
College-Educated
97%
High-School Grad
1.4 sq mi
ZIP Area
1,001
Density / Sq Mi
$62,972
Median Household Income
$32,734
Median Earnings
$1,036
Median Rent
$215,700
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?
Duplex - Two separate apartments each offer bedrooms, a bath, and a private outdoor patio with off-street parking.
Where is this duplex located?
The property is located at 60 Prospect Street Philmont, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑family home built in 1900 in Philmont; Lower unit: 3 bedrooms and 1 bath with generous living space; Upper unit: 2 bedrooms and 1 bath with a private outdoor patio
