Furnished 8-Unit Apartment
For Sale
$599,900
7373 Rt 20, Waterville, NY 13480
MULTI_FAMILY - Waterville, NY
Property Size2,112 SF
Price / SF$284.04
Days on Market18
Property Features for 7373 Rt 20
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Rooms
Bedroom 1
Parking features
Garage, Driveway
Exterior features
BlacktopDriveway, Fence
Fencing
Fenced
Appliances
ElectricOven, ElectricRange, ElectricWaterHeater, Microwave, Refrigerator, WaterSoftenerRented
Lot features
Agricultural, Irregular Lot, Near Public Transit
Elementary school district
Waterville
Middle school district
Waterville
High school district
Waterville
Directions
On Rt 20
Subdivision
Sangerfield-305489
Standard status
Active
APN
392.000-2-33.1
Size
2,112 SF
Taxes and HOA fees
Tax Annual Amount
7276
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Well
Amenities
on-site laundry
high-speed internet
air conditioning
Building Details
Year built
1950
Floors in Building
1
Number of units
8
Flooring type
Varies, Tile, Laminate
Building materials
AtticCrawlHatchwaysInsulated, Brick
Roof type
Shingle, Asphalt
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice · Assist-2-Sell
(315) 735-9244
Listed By:
Martin C. Bell · License #40BE1090095
(315) 794-6090
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 30 at 11:06PM
MLS# S1707314
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 2,112-square-foot apartment building contains eight furnished studio units, each with a full bath and window-unit air conditioning. The apartments include refrigerators, microwaves, and flat-screen TVs; selected units also have stoves. Furnishings, supplies, and contents are included. Shared amenities include on-site laundry and high-speed internet supported by an eero boost system.
The property includes a blacktop parking area with space for each unit, a garage, fencing, a rented water softener, well water, and a septic system. Built in 1950, the building has shingle and asphalt roofing, electric baseboard heat, and flooring that includes tile and laminate. A new privacy fence and water softener were added in 2025, electronic door locks for each unit are scheduled for 2026, and all hot water tanks are less than 5 years old. Hamilton College, Colgate University, and Morrisville College are each within 15 miles, while the Village of Waterville is within 5 minutes.
The property includes a blacktop parking area with space for each unit, a garage, fencing, a rented water softener, well water, and a septic system. Built in 1950, the building has shingle and asphalt roofing, electric baseboard heat, and flooring that includes tile and laminate. A new privacy fence and water softener were added in 2025, electronic door locks for each unit are scheduled for 2026, and all hot water tanks are less than 5 years old. Hamilton College, Colgate University, and Morrisville College are each within 15 miles, while the Village of Waterville is within 5 minutes.
Key Highlights
- Eight furnished studio apartments, each with a full bath and window‑unit air conditioning
- 2,112 square feet on a 0.49‑acre parcel
- High‑speed internet with an eero boost system and on‑site laundry
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
$17,582
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
2.93%
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%
$351,640
$351.6K
Cap Rate 7%
$251,171
$251.2K
Cap Rate 9%
$195,356
$195.4K
Market Conditions
NOI Build-Up for 2,112 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
$34.2K $16.20/SF
− Vacancy
−$2.2K −$1.06/SF
EGI
$32.0K $15.14/SF
− OpEx
−$14.4K −$6.81/SF
NOI
$17.6K $8.32/SF
Area
Oneida County, NY
Vacancy
6.57%
Lease Rate
$16.20 /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%
$351,640
Cap Rate 7%
$251,171
Cap Rate 9%
$195,356
Alternative Uses
Best Use
Apartment 5plus
$251.2K
$219.8K – $293.0K
NOI $17,582 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.6K
$487.0K – $649.3K
NOI $38,959 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 13480, NY
3,231
Population
1,436
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
96%
High-School Grad
54.8 sq mi
ZIP Area
59
Density / Sq Mi
$78,125
Median Household Income
$43,866
Median Earnings
$880
Median Rent
$168,100
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?
Apartment building - Eight furnished studio apartments offer individual baths, in-unit appliances, window air conditioning, and shared laundry facilities.
Where is this apartment building located?
The property is located at 7373 Rt 20 Waterville, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Eight furnished studio apartments, each with a full bath and window‑unit air conditioning; 2,112 square feet on a 0.49‑acre parcel; High‑speed internet with an eero boost system and on‑site laundry
