Spacious Colonial with Rental
For Sale
$275,000
Pending
1561 Paddy Ln, Macedon, NY 14502
10-acre property featuring a colonial home and rental building.
Property Size2,600 SF
Lot Size10.00 Acres
Days on Market133
Property Features for 1561 Paddy Ln
General Information
Standard status
Pending
Size
2,600 SF
Lot size
10.00 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,568
Building Details
Building Size
2,600 SF
Year Built
1962
Stories
2
Units
4
Listing Agency:
(585) 704-0749
Listed By:
John M. Denniston
(585) 704-0749
Source:
Elliman
Added: Apr 11
Changed: Aug 8
Last Checked: Aug 20 at 7:31AM
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 John M. Denniston
Investment Insights
Based on property information with market context.
This 10-acre property includes a spacious colonial-style house with 5 bedrooms and 4 bathrooms, featuring brick and natural pine flooring. Additionally, there is a separate 4-unit rental building on the premises. Trap Brook Creek runs along the western border for approximately 1400 feet, extending back to Ganargua Creek. The property presents potential uses for an enterprising buyer.
Key Highlights
- 10‑acre property offering privacy and space.
- Spacious 5‑bedroom, 4‑bath colonial home.
- Separate 4‑unit rental building provides investment income potential.
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
$19,557
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
7.11%
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%
$391,140
$391.1K
Cap Rate 7%
$279,386
$279.4K
Cap Rate 9%
$217,300
$217.3K
Market Conditions
NOI Build-Up for 2,600 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
$40.6K $15.60/SF
− Vacancy
−$5.0K −$1.92/SF
EGI
$35.6K $13.68/SF
− OpEx
−$16.0K −$6.15/SF
NOI
$19.6K $7.52/SF
Area
Wayne County, NY
Vacancy
12.33%
Lease Rate
$15.60 /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%
$391,140
Cap Rate 7%
$279,386
Cap Rate 9%
$217,300
Alternative Uses
Best Use
Apartment 5plus
$279.4K
$244.5K – $326.0K
NOI $19,557 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.4K
$612.9K – $817.1K
NOI $49,028 @ 7.0% cap · market cap 17.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 14502, NY
10,760
Population
4,769
Households
2.3
Avg Household Size
43
Median Age
41%
College-Educated
94%
High-School Grad
35.8 sq mi
ZIP Area
301
Density / Sq Mi
$83,224
Median Household Income
$57,038
Median Earnings
$999
Median Rent
$219,200
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 - 10-acre property featuring a colonial home and rental building.
Where is this apartment building located?
The property is located at 1561 Paddy Ln Macedon, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 10‑acre property offering privacy and space.; Spacious 5‑bedroom, 4‑bath colonial home.; Separate 4‑unit rental building provides investment income potential.
