Updated Duplex with Separate
For Sale
$449,000
94 Linden Avenue, Middletown, NY 10940
Two-unit property with new kitchens, separate utilities, and a fenced yard.
Property Size1,805 SF
Days on Market27
Property Features for 94 Linden Avenue
General Information
Standard status
Active
Size
1,805 SF
Total Parking Spaces
3
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,500
Amenities
walk-out basement
laundry
storage
fenced yard
Building Details
Building Size
1,805 SF
Year Built
1918
Units
2
Listing Agency:
KW Hudson Valley United
(845) 699-1763
Listed By:
Kevin Grier · License #10401364639
(845) 699-1763
Source:
Millenniumhomes
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 30 at 5:44PM
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 KW Hudson Valley United
Investment Insights
Based on property information with market context.
This two-unit duplex offers four bedrooms and two full bathrooms in total, with each unit featuring a new kitchen equipped with stainless steel appliances, quartz countertops, an eat-in area, and vinyl plank flooring. The property also includes a walk-out basement, laundry facilities, storage space, and separate utilities. HVAC, siding, and roof updates date to 2023.
A fenced yard provides outdoor space, while the property is near parks, schools, NYC transportation, local highways, and restaurants. The two-unit configuration supports an owner-occupant seeking additional rental income as well as an investor evaluating a residential income property.
A fenced yard provides outdoor space, while the property is near parks, schools, NYC transportation, local highways, and restaurants. The two-unit configuration supports an owner-occupant seeking additional rental income as well as an investor evaluating a residential income property.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 full bathrooms in total
- New kitchens in both units with stainless steel appliances and quartz countertops
- Walk‑out basement with laundry and storage
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
$35,876
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
7.99%
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%
$717,520
$717.5K
Cap Rate 7%
$512,514
$512.5K
Cap Rate 9%
$398,622
$398.6K
Market Conditions
NOI Build-Up for 1,805 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
$53.1K $29.40/SF
− Vacancy
−$1.8K −$1.01/SF
EGI
$51.3K $28.39/SF
− OpEx
−$15.4K −$8.52/SF
NOI
$35.9K $19.88/SF
Area
Orange County, NY
Vacancy
3.42%
Lease Rate
$29.40 /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%
$717,520
Cap Rate 7%
$512,514
Cap Rate 9%
$398,622
Alternative Uses
Best Use
Multifamily LT 5
$512.5K
$448.5K – $597.9K
NOI $35,876 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$482.3K
$422.0K – $562.7K
NOI $33,763 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$611.3K
$534.9K – $713.2K
NOI $42,793 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
Explore this area
Business Placement
Demographics for 10940, NY
52,803
Population
19,930
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
63.1 sq mi
ZIP Area
837
Density / Sq Mi
$87,198
Median Household Income
$46,435
Median Earnings
$1,600
Median Rent
$301,400
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?
Duplex - Two-unit property with new kitchens, separate utilities, and a fenced yard.
Where is this duplex located?
The property is located at 94 Linden Avenue Middletown, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2 full bathrooms in total; New kitchens in both units with stainless steel appliances and quartz countertops; Walk‑out basement with laundry and storage
