Duplex with Leased
For Sale
$169,900
337 First Avenue, Frankfort, NY 13340
Residential, Frankfort, NY
Property Size1,712 SF
Price / SF$99.24
Days on Market39
Property Features for 337 First Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 5, Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 3
Parking features
Garage
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Frankfort-Schuyler
Middle school district
Frankfort-Schuyler
High school district
Frankfort-Schuyler
Subdivision
Frankfort-212689
Standard status
Active
APN
112.82-1-18
Size
1,712 SF
Taxes and HOA fees
Tax Annual Amount
3310
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Carpet, Vinyl, Varies, Hardwood
Building materials
VinylSiding
Listing Agency:
River Hills Properties LLC Lf
(315) 508-5268
Listed By:
Brandon Mosher · License #10301224028
(315) 868-4596
Added: Jul 27
Changed: Aug 25
Last Checked: Sep 3 at 6:06AM
MLS# S1702011
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 1,712-square-foot duplex at 337 First Avenue was built in 1920 and includes six bedrooms, three bathrooms, and a basement. The interior has a mix of carpet, vinyl, and hardwood flooring, while the exterior features vinyl siding. Heating is provided by a natural-gas forced-air system, with a gas water heater and public water service.
The sale is structured as a package with an additional home at 116 Reese Road. A garage associated with the property is subject to an existing lease, which the current owner will continue after closing. The available property information identifies garage parking and a six-bedroom, three-bathroom configuration at the First Avenue address.
The sale is structured as a package with an additional home at 116 Reese Road. A garage associated with the property is subject to an existing lease, which the current owner will continue after closing. The available property information identifies garage parking and a six-bedroom, three-bathroom configuration at the First Avenue address.
Key Highlights
- 1,712‑square‑foot duplex built in 1920
- Six bedrooms and three bathrooms
- Sale includes an additional home at 116 Reese Road
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
$15,506
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
9.13%
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%
$310,120
$310.1K
Cap Rate 7%
$221,514
$221.5K
Cap Rate 9%
$172,289
$172.3K
Market Conditions
NOI Build-Up for 1,712 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
$23.6K $13.80/SF
− Vacancy
−$1.5K −$0.86/SF
EGI
$22.2K $12.94/SF
− OpEx
−$6.6K −$3.88/SF
NOI
$15.5K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$310,120
Cap Rate 7%
$221,514
Cap Rate 9%
$172,289
Alternative Uses
Best Use
Multifamily LT 5
$221.5K
$193.8K – $258.4K
NOI $15,506 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$451.1K
$394.8K – $526.3K
NOI $31,580 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 13340, NY
7,652
Population
3,427
Households
2.2
Avg Household Size
45
Median Age
22%
College-Educated
94%
High-School Grad
60.3 sq mi
ZIP Area
127
Density / Sq Mi
$69,928
Median Household Income
$44,464
Median Earnings
$872
Median Rent
$143,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with a basement, public water, and natural-gas forced-air heating.
Where is this duplex located?
The property is located at 337 First Avenue Frankfort, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,712‑square‑foot duplex built in 1920; Six bedrooms and three bathrooms; Sale includes an additional home at 116 Reese Road
