Three-Home Residential Income
For Sale
$799,000
2704 State Route 28, Thendara, NY 13472
CommercialSale, Thendara, NY
Property Size3,238 SF
Lot Size0.94 Acres
Price / SF$246.76
Days on Market111
Property Features for 2704 State Route 28
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Zoning description
Commercial
Rooms
Basement
Parking
20
Lot features
Irregular Lot
Elementary school district
Town of Webb
Middle school district
Town of Webb
High school district
Town of Webb
Subdivision
Webb-215400
Standard status
Active
APN
215400-041-065-0002-002-200-0000
Size
3,238 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Annual Amount
4240
Utilities
Sewer type
Septic Tank
Heating system
Oil, Forced Air, Propane (Heating)
Water source
Well
Amenities
barn
Building Details
Year built
1930
Floors in Building
2
Building materials
Frame, WoodSiding
Roof type
Metal
Listing Agency:
Coldwell Banker Faith Properties · Coldwell Banker Real Estate
(315) 735-2222
Listed By:
Joseph C. Pantola Jr. · License #40PA1103828
(315) 725-6580
Added: May 11
Changed: Aug 19
Last Checked: Aug 29 at 9:06AM
MLS# S1680762
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.
Investment Insights
Based on property information with market context.
This residential income property includes three homes and a barn on a 0.94-acre corner lot. The homes require completion, while the barn provides an additional existing improvement. Total property size is 3238 square feet, with frame construction, wood siding, metal roofing, and a basement. The improvements date to 1930 and are served by a well and septic tank, with oil, forced-air, and propane heating listed.
The property is located at 2704 State Route 28 in Thendara, NY 13472, within Herkimer County. CB zoning is reported, supporting the property's mixed-use classification and potential for continued residential income use or another permitted use, subject to applicable approvals.
The property is located at 2704 State Route 28 in Thendara, NY 13472, within Herkimer County. CB zoning is reported, supporting the property's mixed-use classification and potential for continued residential income use or another permitted use, subject to applicable approvals.
Key Highlights
- Three homes and a barn on one property
- 0.94‑acre corner lot
- 3238 square feet of total property size
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
$23,568
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
2.95%
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%
$471,360
$471.4K
Cap Rate 7%
$336,686
$336.7K
Cap Rate 9%
$261,867
$261.9K
Market Conditions
NOI Build-Up for 3,238 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
$46.6K $14.40/SF
− Vacancy
−$3.8K −$1.17/SF
EGI
$42.9K $13.23/SF
− OpEx
−$19.3K −$5.96/SF
NOI
$23.6K $7.28/SF
Area
Herkimer County, NY
Vacancy
8.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$471,360
Cap Rate 7%
$336,686
Cap Rate 9%
$261,867
Alternative Uses
Best Use
Apartment 5plus
$336.7K
$294.6K – $392.8K
NOI $23,568 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$963.8K
$843.3K – $1.12M
NOI $67,465 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
54
Businesses Nearby
Explore this area
Business Placement
Demographics for 13472, NY
292
Population
343
Households
0.9
Avg Household Size
55
Median Age
57%
College-Educated
100%
High-School Grad
13.8 sq mi
ZIP Area
21
Density / Sq Mi
$3,938
Median Earnings
$369,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner-lot property with a barn and unfinished residential improvements in a mixed-use zoning district.
Where is this residential income property located?
The property is located at 2704 State Route 28 Thendara, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three homes and a barn on one property; 0.94‑acre corner lot; 3238 square feet of total property size
