Remodeled Mixed-Use Building
For Sale
$649,900
235 State St, Auburn, NY 13021
Remodeled ground-floor commercial space paired with an upstairs 3-bedroom apartment, plus two additional two-unit homes and a carriage barn.
Property Size5,230 SF
Days on Market78
Property Features for 235 State St
General Information
Standard status
Active
Size
5,230 SF
Property subtype
Commercial
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$9,007
Building Details
Building Size
5,230 SF
Year Built
1933
Stories
2
Listing Agency:
CROWNREALTYNY.COM
(315) 729-2309
Listed By:
John C. Triska
(315) 729-2309
Source:
Elliman
Added: Jun 7
Changed: Aug 15
Last Checked: Aug 22 at 11:41AM
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 CROWNREALTYNY.COM
Investment Insights
Based on property information with market context.
This for-sale package centers on a commercial building with a large first-floor commercial space and a large 3-bedroom apartment upstairs. The commercial space is described as completely remodeled. The property also includes two additional two-family homes and a large carriage barn that comes with a garage for additional storage and plenty of parking. All units are stated to have current Certificates of Occupancy, and the apartments are reported to have many updates.
The sale includes three related addresses: the primary commercial building at 235 State St, plus the two additional 2-unit properties at 231 State St and 237 State St. The property information notes that the taxes shown are for 235 State St only. BikeScore is 44 (somewhat bikeable) and walkScore is 52 (somewhat walkable). Financials and rent rolls are available upon request.
For tenants, buyers, and operators, the configuration supports mixed-use flexibility with a remodeled retail/commercial component on the first floor and residential income above and across the additional included two-unit homes. The presence of current Certificates of Occupancy and reported updates can simplify readiness for occupancy, while the carriage barn and attached garage provide supplemental storage aligned with a multi-building setup.
The sale includes three related addresses: the primary commercial building at 235 State St, plus the two additional 2-unit properties at 231 State St and 237 State St. The property information notes that the taxes shown are for 235 State St only. BikeScore is 44 (somewhat bikeable) and walkScore is 52 (somewhat walkable). Financials and rent rolls are available upon request.
For tenants, buyers, and operators, the configuration supports mixed-use flexibility with a remodeled retail/commercial component on the first floor and residential income above and across the additional included two-unit homes. The presence of current Certificates of Occupancy and reported updates can simplify readiness for occupancy, while the carriage barn and attached garage provide supplemental storage aligned with a multi-building setup.
Key Highlights
- Package includes a remodeled commercial building with large 1st‑floor commercial space plus an upstairs 3‑bedroom apartment (built 1933).
- Two additional properties included in the sale: 231 State St. and 237 State St., both 2‑unit properties.
- Also included: a large carriage barn with a garage for storage and plenty of parking.
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
$47,238
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
7.27%
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%
$944,760
$944.8K
Cap Rate 7%
$674,829
$674.8K
Cap Rate 9%
$524,867
$524.9K
Market Conditions
NOI Build-Up for 5,230 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
$72.2K $13.80/SF
− Vacancy
−$4.7K −$0.90/SF
EGI
$67.5K $12.90/SF
− OpEx
−$20.2K −$3.87/SF
NOI
$47.2K $9.03/SF
Area
Cayuga County, NY
Vacancy
6.50%
Lease Rate
$13.80 /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%
$944,760
Cap Rate 7%
$674,829
Cap Rate 9%
$524,867
Alternative Uses
Best Use
Multifamily LT 5
$674.8K
$590.5K – $787.3K
NOI $47,238 @ 7.0% cap · market cap 7.27%
Second Best
Mixed Use
$641.0K
$560.9K – $747.9K
NOI $44,873 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,136 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
886
Businesses Nearby
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
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?
Mixed-use property - Remodeled ground-floor commercial space paired with an upstairs 3-bedroom apartment, plus two additional two-unit homes and a carriage barn.
Where is this mixed-use property located?
The property is located at 235 State St Auburn, NY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Package includes a remodeled commercial building with large 1st‑floor commercial space plus an upstairs 3‑bedroom apartment (built 1933).; Two additional properties included in the sale: 231 State St. and 237 State St., both 2‑unit properties.; Also included: a large carriage barn with a garage for storage and plenty of parking.
