Updated Duplex with Two
For Sale
$239,900
10 N Main St, Carthage, NY 13619
Updated two-unit duplex designed for owner-occupants, with a vacant downstairs unit and income potential from the upstairs rental.
Property Size1,911 SF
Price / SF$125.54
Days on Market101
Property Features for 10 N Main St
General Information
Standard status
Active
Size
1,911 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1896
Tenancy
Multi
Listing Agency:
North Star Real Estate & Property Management
Listed By:
Teresa Caprara
(315) 777-4365
Source:
Skinnercnyrealty
Added: Jun 1
Changed: Sep 8
Last Checked: Sep 8 at 6:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Star Real Estate & Property Management
Investment Insights
Based on property information with market context.
This updated duplex offers two separate apartments and a practical split layout for owner-occupant or investor ownership. The downstairs unit includes two bedrooms and may be converted to a three-bedroom by adding a door. The upstairs unit also provides two bedrooms. Both units were extensively renovated a couple of years ago with fresh paint, luxury vinyl tile flooring, updated lighting, and ceiling fans throughout. The exterior was also painted as part of the renovations. Mechanical improvements include a newer roof with Owens Corning Lifetime architectural shingles, a high-efficiency natural gas boiler and new baseboard heating for the downstairs unit, and a separate hot water heating system for the upstairs unit.
The property is located in the Village of Carthage at 10 N Main St. Parking is available on both sides of the duplex, and there is a backyard with a storage shed. Nearby conveniences include shopping, restaurants, schools, and healthcare facilities, with Fort Drum airfield gate access described as just minutes away.
From a tenancy standpoint, the current vacant downstairs apartment is ready for immediate occupancy, while the upstairs unit is positioned to support rental income. Shared ownership can offer flexibility for households that want to live in one unit and rent the other, with updates to key interior finishes and building systems completed during the recent renovation period.
The property is located in the Village of Carthage at 10 N Main St. Parking is available on both sides of the duplex, and there is a backyard with a storage shed. Nearby conveniences include shopping, restaurants, schools, and healthcare facilities, with Fort Drum airfield gate access described as just minutes away.
From a tenancy standpoint, the current vacant downstairs apartment is ready for immediate occupancy, while the upstairs unit is positioned to support rental income. Shared ownership can offer flexibility for households that want to live in one unit and rent the other, with updates to key interior finishes and building systems completed during the recent renovation period.
Key Highlights
- Updated 2‑unit duplex (built 1896) with downstairs unit vacant and move‑in ready
- Downstairs unit: 2 bedrooms with possibility to convert to 3‑bedroom by adding a door
- Extensive renovations completed a couple of years ago: fresh paint, luxury vinyl tile flooring, updated lighting, and ceiling fans in both units
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
$15,734
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
6.56%
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%
$314,680
$314.7K
Cap Rate 7%
$224,771
$224.8K
Cap Rate 9%
$174,822
$174.8K
Market Conditions
NOI Build-Up for 1,911 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
$24.1K $12.60/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$22.5K $11.76/SF
− OpEx
−$6.7K −$3.53/SF
NOI
$15.7K $8.23/SF
Area
Jefferson County, NY
Vacancy
6.65%
Lease Rate
$12.60 /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%
$314,680
Cap Rate 7%
$224,771
Cap Rate 9%
$174,822
Alternative Uses
Best Use
Multifamily LT 5
$224.8K
$196.7K – $262.2K
NOI $15,734 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$201.1K
$176.0K – $234.6K
NOI $14,076 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$526.8K
$460.9K – $614.6K
NOI $36,875 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Explore this area
Business Placement
Demographics for 13619, NY
10,600
Population
4,649
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
112.7 sq mi
ZIP Area
94
Density / Sq Mi
$63,549
Median Household Income
$44,792
Median Earnings
$984
Median Rent
$171,700
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 - Updated two-unit duplex designed for owner-occupants, with a vacant downstairs unit and income potential from the upstairs rental.
Where is this duplex located?
The property is located at 10 N Main St Carthage, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Updated 2‑unit duplex (built 1896) with downstairs unit vacant and move‑in ready; Downstairs unit: 2 bedrooms with possibility to convert to 3‑bedroom by adding a door; Extensive renovations completed a couple of years ago: fresh paint, luxury vinyl tile flooring, updated lighting, and ceiling fans in both units
