Six-Residence Historic Multifamily
New
For Sale
$2,999,999
63-73 Old Chester Road, Goshen, NY 10924
Diversified property with established long-term tenancy, licensed short-term rentals, storage, and shop space.
Property Size12,128 SF
Lot Size10.40 Acres
Price / SF$247.36
Days on Market5
Property Features for 63-73 Old Chester Road
General Information
Standard status
Active
Size
12,128 SF
Lot size
10.40 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$24,843
Building Details
Year Built
1860
Listing Agency:
Hudson Valley Realty & Busines
(631) 321-0100
Listed By:
Steven Brown (stevebro2632@gmail.com)
(718) 755-6515
Source:
Mikecarrollsellshomes
Added: Sep 19
Last Checked: Sep 22 at 4:09PM
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 Hudson Valley Realty & Busines
Investment Insights
Based on property information with market context.
This multifamily compound encompasses 10.4 acres and more than 12,000 square feet across six residences. The principal dwelling dates to 1860, while a preserved two-story barn was constructed in 1861. Original wood exteriors, hand-hewn barn framing, and period details contribute to the property's documented historic character. Additional improvements include the Butterhouse Storage building and the Doghouse Shop.
Four residences—63, 65, 67, 69, 71, and 73 Old Chester Road—are configured for diversified occupancy, with four supporting long-term tenants and two operated as licensed short-term rentals under an Orange County Hotel and Motel Occupancy Tax Certificate of Authority. The short-term rental residences have seven years of continuous Superhost status and rank in the top 5% for guest reviews.
The property is in Goshen, near LEGOLAND New York, with access to Route 17, the New York State Thruway, Campbell Hall Station, and Middletown-Town of Wallkill station. Manhattan is approximately an hour away by car.
Four residences—63, 65, 67, 69, 71, and 73 Old Chester Road—are configured for diversified occupancy, with four supporting long-term tenants and two operated as licensed short-term rentals under an Orange County Hotel and Motel Occupancy Tax Certificate of Authority. The short-term rental residences have seven years of continuous Superhost status and rank in the top 5% for guest reviews.
The property is in Goshen, near LEGOLAND New York, with access to Route 17, the New York State Thruway, Campbell Hall Station, and Middletown-Town of Wallkill station. Manhattan is approximately an hour away by car.
Key Highlights
- 10.4‑acre multifamily compound with more than 12,000 square feet across six residences
- Main dwelling dates to 1860; two‑story barn constructed in 1861
- Four residences have established long‑term tenants
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
$226,860
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
7.56%
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%
$4,537,200
$4.5M
Cap Rate 7%
$3,240,857
$3.2M
Cap Rate 9%
$2,520,667
$2.5M
Market Conditions
NOI Build-Up for 12,128 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
$427.9K $35.28/SF
− Vacancy
−$15.4K −$1.27/SF
EGI
$412.5K $34.01/SF
− OpEx
−$185.6K −$15.30/SF
NOI
$226.9K $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%
$4,537,200
Cap Rate 7%
$3,240,857
Cap Rate 9%
$2,520,667
Alternative Uses
Best Use
Apartment 5plus
$3.24M
$2.84M – $3.78M
NOI $226,860 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.11M
$3.59M – $4.79M
NOI $287,533 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 10924, NY
14,006
Population
5,178
Households
2.7
Avg Household Size
44
Median Age
42%
College-Educated
90%
High-School Grad
40.1 sq mi
ZIP Area
349
Density / Sq Mi
$114,567
Median Household Income
$64,567
Median Earnings
$1,668
Median Rent
$433,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Diversified property with established long-term tenancy, licensed short-term rentals, storage, and shop space.
Where is this multifamily property located?
The property is located at 63-73 Old Chester Road Goshen, NY.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: 10.4‑acre multifamily compound with more than 12,000 square feet across six residences; Main dwelling dates to 1860; two‑story barn constructed in 1861; Four residences have established long‑term tenants
