56 Shipp Street
About This Property
Here's your opportunity to transform a diamond in the rough into something truly special. Set on an oversized double lot spanning 0.32 acres, this vintage 1920 single-family home on a quiet, private street in Newburgh is ready for the visionary buyer willing to roll up their sleeves and bring it back to life.
The property features 2 bedrooms, 1 bath, 7 rooms total, and a 1–2 car garage - all sitting on a large, level yard that offers tremendous outdoor space, room to expand, or potential for additional improvements. The generous lot size alone sets this property apart in today's market.
Location checks every box: convenient to schools, shopping, and public transportation, yet tucked away on a tranquil street that offers the privacy and quiet that buyers crave. Whether you're a seasoned flipper, a buy-and-hold investor, or a homeowner looking to build equity through sweat equity, the bones are here.
Property Highlights:
Double lot | 0.32 acres | Large level yard
7-room layout | 2 bed / 1 bath | 1–2 car garage
Built 1920 - full of old-world character and charm
Quiet, private street
Close to schools, shopping & public transportation
Priced to reflect AS-IS condition
The Bottom Line: The home does need work to be restored to its full glory - but the opportunity, the lot, and the location make this a deal worth a serious look. Bring your contractor and your vision.
Sold AS-IS. Cash or renovation financing preferred. Do not miss this one.
Payment Calculator
Your Estimated Monthly Payment
Cap Rate Calculator
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 10, 2026 | Sold | ||
| Sold | |||
| May 23, 2026 | In contract | - | |
| In contract | |||
| Apr 15, 2026 | Listed by HomeSmart Homes & Estates | $179,000 | |
| Listed by HomeSmart Homes & Estates | |||
Property Highlights
Building Info
Comparables
Status
Price/ft²
Listed On
Sold On
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017