Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Gunns Corners 8-Unit Apartment Building Title is generated by Realmo AI

    29613 State Route 12, Clayton, NY 13624

    View on Map
    Claim this Listing
    For Sale
    $415,000

    Investment opportunity with strong rental appeal and upside potential.

    Type:Commercial
    Property size:
    4,867 SF
    Lot size:
    1.50 Acres
    Price / SF:
    $85/SF
    Added:
    Apr 15, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 12 at 5:49 am

    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

    We can help!

    Listing Contact
    Noah Taylor

    Listing agent Noah Taylor License #10401359495

    Listing office Keller Williams Realty Syracuse

    Listing date Apr 15, 2026

    Source Elliman

    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

    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.
    • Versatile Unit Mix: Includes five 1‑bedroom apartments, two studio units, and one spacious 3‑bedroom apartment.
    • Excellent Visibility and Accessibility: Prominently located at the intersection of NYS Route 12 and NYS Route 180.
    • Ample Off‑Street Parking for residents and guests.

    Overview

    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.

    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 (±1% cap)
    NOI $35,848 @ 7.0% cap · market cap 8.64%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.34M
    $1.17M – $1.57M (±1% cap)
    NOI $93,914 @ 7.0% cap · market cap 22.63%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Building Supply Department Store Acupuncture

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Clayton
    County
    Jefferson
    State
    New York
    Longitude
    -75.9992394
    Latitude
    44.0972574

    Nearby Similar for Sale

    • $699,900
      10,774 SF

      Turnkey Bar/Restaurant in Clayton, NY

      Turnkey bar and restaurant in the heart of Clayton, New York.
      110 State Street, Clayton, NY 13624
      View Details
    • $399,900
      4,867 SF

      Clayton, NY Investment Opportunity

      Eight-unit apartment building with strong rental income and upside potential.
      29613 State Route 12, Clayton, NY 13624
      View Details
    • $299,900
      4,800 SF

      Fully Occupied Commercial Investment Property

      Four-unit commercial property with long-term tenants in high-traffic area.
      32523 Rt-12, Clayton, NY 13624
      View Details
    • $1,399,900
      10,774 SF

      Waterfront Commercial Opportunity: Turnkey Properties

      Three renovated properties: restaurant/bar, motel, and trailer on waterfront.
      110 State Street, Clayton, NY 13624
      View Details
    • $695,500

      Versatile Commercial Building in 1000 Islands

      Commercial building with business and living space in prime location.
      41468 State Route 12, Orleans, NY 13624
      View Details
    • $549,900
      6,000 SF

      Turnkey Restaurant/Bar Opportunity

      Recently renovated 6000+ SF building ready for immediate operation.
      8353 County Route 9, Clayton, NY, 13624-2259
      View Details

    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 $415,000.
    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.
    (315) 778-6473
    We can help!
    Listing Contact
    Noah Taylor
    Real Estate License ID: 10401359495
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    29613 State Route 12, Clayton, NY 13624
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!