Gunns Corners 8-Unit Apartment
29613 State Route 12 Clayton, NY 13624
29613 State Route 12, Clayton, NY, 13624
$399,900
For Sale
$399,900
Investment opportunity with strong rental appeal and upside potential.
Property Size4,867 SF
Lot Size1.50 Acres
Price / SF$82.17
Days on Market98
Property Features for 29613 State Route 12
General Information
- Standard status
- Active
- Size
- 4,867 SF
- Lot size
- 1.50 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1940
Listing agency
Keller Williams Realty Syracuse
(315) 778-6473
Listed by
Noah Taylor · License #10401359495
(315) 778-6473
Source
Elliman
Added: Apr 15 Updated: Jul 10 at 12:40PM Checked: Jul 21 at 9:08AM
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 Keller Williams Realty Syracuse
Investment Insights
Based on property information with market context.
Located at the intersection of NYS Route 12 and NYS Route 180, this 8-unit apartment building offers excellent visibility and accessibility. The property is situated on a 1.50-acre lot and includes 4,867 square feet of living space with one-story layouts. The unit mix consists of five 1-bedroom apartments, two studio units, and one 3-bedroom apartment. One remodeled 1-bedroom unit is currently vacant and ready for immediate occupancy, featuring new flooring, modern countertops, and new kitchen appliances. The property currently generates $5,370 per month in rental income from existing tenants. The actual Net Operating Income (NOI) for 2025 exceeded $51,000. A stable, long-term tenant base enhances reliability, and a large open parking area provides ample off-street parking for residents and guests. This property is an excellent addition to any investment portfolio, offering both performance and growth opportunity.
Key Highlights
- Strong Financial Performance: Actual Net Operating Income (NOI) for 2025 exceeded $51,000.
- Solid In‑Place Cash Flow: Currently generates $5,370/month in rental income from existing tenants.
- Value‑Add Potential: Vacant remodeled 1‑bedroom unit ready for immediate occupancy with projected rental income of $800–$900/month.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.1k | $14.40 |
| − Vacancy | −$4.9k | −$1.01 |
| EGI | $65.2k | $13.39 |
| − OpEx | −$29.3k | −$6.03 |
| NOI | $35.8k | $7.37 |
4,867 SF · lease $14.40/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$512.1K
$448.1K – $597.5K
NOI $35,848 @ 7.0% cap · market cap 8.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,914 @ 7.0% cap · market cap 23.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Investment opportunity with strong rental appeal and upside potential.
Where is this apartment building located?
The property is located at 29613 State Route 12 Clayton, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Strong Financial Performance: Actual Net Operating Income (NOI) for 2025 exceeded $51,000.; Solid In‑Place Cash Flow: Currently generates $5,370/month in rental income from existing tenants.; Value‑Add Potential: Vacant remodeled 1‑bedroom unit ready for immediate occupancy with projected rental income of $800–$900/month.
