Commercial real estate lending in Kingston / Catskills (Ulster County), NY
Ulster County is home to 182,109 residents with a median household income of $81,804 and 1.6% population growth over five years. Commercial deals here are underwritten to New York's typical standards — around 1.25x DSCR and 75% maximum LTV on stabilized assets — with pricing shaped by the county fundamentals below.
Market character
Kingston sits at the gateway to the Catskills' hospitality revival, where former bungalow colonies and motels are being repositioned into boutique short-term-rental product for a downstate weekend crowd. The city's own waterfront and warehouse district are seeing adaptive reuse, and exodus buyers from downstate have pushed multifamily pricing well above what Ulster's older housing stock would otherwise support.
Kingston / Catskills by the numbers
| Population | 182,109 |
| 5-year population change | +1.6% |
| Median household income | $81,804 |
| Median age | 44.2 |
| Median home value | $315,100 |
| Median gross rent | $1,335/mo |
| Housing units | 86,178 |
| Renter-occupied share | 30% |
Source: U.S. Census Bureau, ACS 5-year estimates (2023).
Underwriting a Kingston / Catskills deal
A Kingston / Catskills property clears the same four constraints as any New York deal — 1.25x minimum DSCR and 75% maximum LTV on stabilized assets, an 8% debt-yield floor, and loan-to-cost caps on construction — with benchmark cap rates for NY spanning roughly 5.0% (multifamily) to 7.0% (hotel). The full state-by-asset-class table lives on the benchmarks page; run Kingston / Catskills numbers through the loan sizer to see which constraint binds.
New York closing costs to budget
Financing in Ulster County carries New York's mortgage recording tax — the single largest closing cost on most deals (up to 2.8% of the loan in NYC). Refinances routinely use a CEMA to pay tax only on new money. Estimate the full stack for a Kingston / Catskills deal with the closing cost calculator or read the recording tax guide.
Financing a property in Kingston / Catskills?
Relendi analyzes your deal against real underwriting criteria — DSCR, LTV, debt yield, and market benchmarks — in minutes.
Analyze my deal freeFrequently asked questions
What DSCR do lenders require in Ulster County?
In Kingston / Catskills — a market of 182,109 residents where median gross rent runs $1,335 a month — lenders apply New York's usual floors: typically 1.25x DSCR stabilized, 1.20x on acquisitions, 1.10x on bridge or construction. The county changes which lenders compete for the deal more than it changes the ratio.
What are typical commercial cap rates in Kingston / Catskills?
Statewide New York benchmarks run roughly 5.0% for multifamily up to 7.0% for hotels; where Kingston / Catskills deals price inside those bands depends on submarket, asset quality, and tenancy — in a county whose median home value is $315,100, residential-adjacent product tends to price toward the wider end. Individual comps set real pricing.