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    Hastings Multifamily Investment Opportunity Title is generated by Realmo AI

    1447 US Route 11, Hastings, NY 13076

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    Claim this Listing
    For Sale
    Under Contract
    $329,000

    MULTI_FAMILY - Other - Hastings, NY

    Property size:
    2,708 SF
    Lot size:
    1.43 Acres
    Price / SF:
    $121/SF
    Added:
    Apr 6, 2026
    Days on Market:
    47
    Last Refresh:
    May 22 at 7:06 pm

    Property Features for 1447 US Route 11

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    5
    Rooms
    Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1
    Patio and Porch features
    Porch
    Exterior features
    Pool
    Fireplace
    1
    Appliances
    ElectricWaterHeater
    Standard status
    Active Under Contract
    APN
    353289-225-003-0007-015-000-0000
    Size
    2,708 SF
    Lot size
    1.43 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2443

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Natural Gas, Baseboard, Electric (Heating)
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Hardwood, Vinyl, Varies
    Building materials
    Frame, VinylSiding
    Roof type
    Shingle, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Patrick Dunham

    Listing agent Patrick Dunham License #10401399666

    Listing office Lake Ontario Realty, LLC 12396 NYS Route 12E, Chaumont, NY

    Listing date Apr 6, 2026

    MLS# S1671553 Listing URL

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Proximity to future Micron development (approx. 15 miles) offering strong potential for increased property value and rental demand.
    • Three additional one‑bedroom apartments provide immediate rental income potential.
    • 40x32 pole barn (built in 2021) with half bath, ideal for workshop or storage.
    • Main residence features 2 bedrooms and 2 full bathrooms.
    • Flexible use: Opportunity for owner occupancy with rental income or full rental property.
    • Located on 1.43 acres of land.

    Overview

    Located in Hastings, New York, this property presents an investment opportunity with income-generating potential. Situated on 1.43 acres, the property includes a main residence featuring 2 bedrooms and 2 full bathrooms. In addition to the main house, there are three one-bedroom apartments, offering the possibility of supplemental rental income. The property's layout allows for either owner occupancy of the main home while renting out the additional units, or leasing all four spaces for maximum returns. A notable feature is the 40x32 pole barn, constructed in 2021, which includes a half bathroom. The property is located approximately 15 miles from the future Micron development.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $230.8K
    NOI $20,774 @ 9.00% cap · cautious / downside scenario
    Moderate
    $296.8K
    NOI $20,774 @ 7.00% cap · market / base-case scenario
    Aggressive
    $415.5K
    NOI $20,774 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $40.0k $14.76
    − Vacancy −$2.2k −$0.81
    EGI $37.8k $13.95
    − OpEx −$17.0k −$6.28
    NOI $20.8k $7.67
    2,708 SF · lease $14.76/SF/yr · vacancy 5.50% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $296.8K
    $259.7K – $346.2K (±1% cap)
    NOI $20,774 @ 7.0% cap · market cap 6.31%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $540.1K
    $472.6K – $630.2K (±1% cap)
    NOI $37,810 @ 7.0% cap · market cap 11.49%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hastings
    County
    Oswego
    State
    New York
    Longitude
    -76.152149
    Latitude
    43.339095

    FAQs

    What type of property is this?
    Multifamily property - Multifamily property with main house, rental units, and pole barn.
    Where is this multifamily property located?
    The property is located at 1447 US Route 11 Hastings, NY.
    What is the asking price?
    The asking price for this property is $329,000.
    What are key features of this property?
    This property features: Proximity to future Micron development (approx. 15 miles) offering strong potential for increased property value and rental demand.; Three additional one‑bedroom apartments provide immediate rental income potential.; **40x32 pole barn (built in 2021) with half bath, ideal for workshop or storage.**
    (607) 232-6063
    We can help!
    Listing Contact
    Patrick Dunham
    Real Estate License ID: 10401399666
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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