Remodeled Duplex with Two
For Sale
$399,000
116 N Main St, Milford, NY 13807
Two updated residences feature flexible bedroom layouts, outdoor gathering areas, and an above-ground pool.
Property Size4,116 SF
Price / SF$96.94
Days on Market25
Property Features for 116 N Main St
General Information
Standard status
Active
Size
4,116 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 6BR+bonus
Multifamily Units
2
Amenities
above ground pool
fire pit area
outdoor sitting areas
washer/dryer
Building Details
Year Built
1792
Buildings
1
Listing Agency:
Coldwell Banker Timberland Properties
(607) 267-6013
Listed By:
Cody A. Rose
Source:
Skinnercnyrealty
Added: Aug 7
Changed: Aug 30
Last Checked: Aug 31 at 7:45PM
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 Coldwell Banker Timberland Properties
Investment Insights
Based on property information with market context.
Located at 116 N Main St in Milford, New York, this 4,116-square-foot duplex contains two remodeled apartments. One unit offers two bedrooms, while the other includes six bedrooms and an additional upstairs bonus room. Together, the units accommodate sleeping arrangements for 18 guests.
Recent improvements include two renovated kitchens, three new bathrooms, a new water heater, a second water heater that is one year old, and a new washer/dryer combination. The property sits on over an acre with a fire pit area, above-ground pool, and sitting areas in both the front and rear. Cooperstown Dreams Park is a short 5 minute drive away, and the National Baseball Hall of Fame is 15 minutes away. The property is currently an Airbnb Superhost listing booked through the Summer baseball season.
Recent improvements include two renovated kitchens, three new bathrooms, a new water heater, a second water heater that is one year old, and a new washer/dryer combination. The property sits on over an acre with a fire pit area, above-ground pool, and sitting areas in both the front and rear. Cooperstown Dreams Park is a short 5 minute drive away, and the National Baseball Hall of Fame is 15 minutes away. The property is currently an Airbnb Superhost listing booked through the Summer baseball season.
Key Highlights
- 4,116‑square‑foot duplex with two remodeled units
- One 2‑bedroom unit and one 6‑bedroom unit with an upstairs bonus room
- Combined sleeping capacity of 18 guests
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
$35,940
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
9.01%
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%
$718,800
$718.8K
Cap Rate 7%
$513,429
$513.4K
Cap Rate 9%
$399,333
$399.3K
Market Conditions
NOI Build-Up for 4,116 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
$54.3K $13.20/SF
− Vacancy
−$3.0K −$0.73/SF
EGI
$51.3K $12.47/SF
− OpEx
−$15.4K −$3.74/SF
NOI
$35.9K $8.73/SF
Area
Otsego County, NY
Vacancy
5.50%
Lease Rate
$13.20 /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%
$718,800
Cap Rate 7%
$513,429
Cap Rate 9%
$399,333
Alternative Uses
Best Use
Multifamily LT 5
$513.4K
$449.3K – $599.0K
NOI $35,940 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$479.3K
$419.4K – $559.2K
NOI $33,550 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$1.13M
$992.8K – $1.32M
NOI $79,422 @ 7.0% cap · market cap 19.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 13807, NY
1,061
Population
719
Households
1.5
Avg Household Size
51
Median Age
35%
College-Educated
91%
High-School Grad
21.5 sq mi
ZIP Area
49
Density / Sq Mi
$86,250
Median Household Income
$34,047
Median Earnings
$838
Median Rent
$167,600
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 updated residences feature flexible bedroom layouts, outdoor gathering areas, and an above-ground pool.
Where is this duplex located?
The property is located at 116 N Main St Milford, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 4,116‑square‑foot duplex with two remodeled units; One 2‑bedroom unit and one 6‑bedroom unit with an upstairs bonus room; Combined sleeping capacity of 18 guests
