381 Route 32
About This Property
The main level features a spacious layout with 4 bedrooms and 2.5 bathrooms, including a primary suite with a heated bathroom floor. Major improvements such as new windows, flooring, doors, plumbing, electric, and central A/C provide a strong foundation for the next phase of customization.
A standout feature is the fully finished lower level, thoughtfully designed with a bedroom, full bath, living area, and kitchenette-ideal for an in-law suite, guest quarters, or flexible multi-generational living.
Outdoors, the 1.2 acres open the door to endless possibilities-expand the existing footprint, create a resort-style backyard with a pool, add accessory structures, or simply enjoy the privacy and space rarely found at this price point. If you rather use a pool versus maintaining your own, residents have access to the nearby John B. Purke memorial pool.
Perfectly positioned near everything Central Valley has to offer, including Woodbury Common Premium Outlets, LEGOLAND New York Resort, and Bear Mountain State Park, along with dining, schools, and convenient access to public transportation and major highways for an easy 1 hour commute to NYC.
An added bonus: the seller is including a large inventory of materials to help complete the renovation, with flexibility to negotiate further work if desired.
Whether you're an end user looking to customize your dream home or an investor seeking your next value-add project, this is a rare chance to capitalize on location, land, and upside-all in one.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Aug 9, 2026 | In contract | - | |
| In contract | |||
| Jun 4, 2026 | Price Decreased |
$550,000
↓ $49K
(8.2%) | |
| Price Decreased | |||
| Apr 22, 2026 | Listed by Corcoran Baer & McIntosh | $599,000 | |
| Listed by Corcoran Baer & McIntosh | |||
| Feb 4, 2026 | No longer available | - | |
| No longer available | |||
| Dec 24, 2025 | Price Increased |
$650,000
↑ $90K
(16.1%) | |
| Price Increased | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017