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    3006 State Route 31 Canastota, NY 13032

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    Claim this Listing
    Pending
    $175,000

    MULTI_FAMILY - Other - Canastota, NY

    Property size:
    1,943 SF
    Lot size:
    2.29 Acres
    Added:
    Nov 19, 2025
    Days on Market:
    161
    Last Refresh:
    Apr 29 at 11:06 am

    Property Features for 3006 State Route 31

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4
    Parking features
    Garage, Open
    Interior features
    CeilingFans
    Appliances
    GasWaterHeater
    Standard status
    Pending
    APN
    253689-012-022-0001-018-001-0000
    Size
    1,943 SF
    Lot size
    2.29 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4177

    Utilities

    Heating system
    Forced Air, Natural Gas
    Water source
    Public
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1828
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Carpet, Varies, Laminate
    Building materials
    VinylSiding, CopperPlumbing
    Roof type
    Shingle, Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Alice Rinaldo
    Alice Rinaldo

    Listing agent Alice Rinaldo License #10401307138

    Listing office Keller Williams Syracuse 5701 Enterprise Parkway, East Syracuse, NY

    Listing date Nov 19, 2025

    MLS# S1651677 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.

    Overview

    Two-Unit Multifamily Property with Lake Access

    This multifamily property features two units and offers potential as an investment opportunity. One unit includes a large eat-in kitchen with a dining area and a spacious family room, along with three bedrooms upstairs. The second unit offers one to two bedrooms, a family room, and an eat-in kitchen. The property has new windows and includes a paved driveway and a two-car detached garage. Situated on over 2 acres, the property provides views of Oneida Lake and lake access. It is conveniently located minutes from the NYS Thruway, several restaurants, and Sylvan Beach. The property is located in Canastota, NY, in Madison County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Hotel & Motel Discount Store Bed & Breakfast Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Canastota
    County
    Madison
    State
    New York
    Longitude
    -75.796421
    Latitude
    43.157498

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    FAQs

    What type of property is this?
    Duplex - Two-unit multifamily property on 2+ acres with lake access.
    Where is this duplex located?
    The property is located at 3006 State Route 31 Canastota, NY.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: Lake access and views of Oneida Lake; Two units, offering investment potential; Over 2 acres of land with a paved driveway
    (315) 701-6900
    We can help!
    Listing Contact
    Alice Rinaldo
    Alice Rinaldo
    Real Estate License ID: 10401307138
    Learn More
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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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