Three-Unit Residential Income
For Sale
$225,000
Pending
1 Erie St N, Macedon, NY 14502
Three-family property with a garage apartment and owner financing available in Macedon, NY.
Property Size2,338 SF
Days on Market89
Property Features for 1 Erie St N
General Information
Standard status
Pending
Size
2,338 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,973
Building Details
Building Size
2,338 SF
Year Built
1870
Stories
2
Units
3
Listing Agency:
Doebler Realty Inc
Listed By:
Kimberlee J. Meeks · License #10401248340
(315) 331-7070
Source:
Elliman
Added: Jun 12
Changed: Aug 27
Last Checked: Sep 8 at 7:35AM
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 Doebler Realty Inc
Investment Insights
Based on property information with market context.
This three-unit residential income property offers a versatile 3-family layout, with square footage that includes the garage apartment. The building is structured to support separate households under one ownership, making it well-suited for investors or owner-occupants seeking manageable residential income from multiple units.
The property is located at 1 Erie St N in Macedon, New York. BikeScore is listed at 41 (somewhat bikeable), while WalkScore is 33 (car-dependent), indicating the area is primarily oriented around vehicle access.
For buyers evaluating residential income options, the combination of three units and an included garage apartment provides multiple living spaces within a single asset. The listing also notes that owner financing is available, which may be an added consideration for qualified purchasers looking to reduce reliance on traditional financing. Reported gross monthly revenue is $3,100, offering a starting point for underwriting and unit-level review during due diligence.
The property is located at 1 Erie St N in Macedon, New York. BikeScore is listed at 41 (somewhat bikeable), while WalkScore is 33 (car-dependent), indicating the area is primarily oriented around vehicle access.
For buyers evaluating residential income options, the combination of three units and an included garage apartment provides multiple living spaces within a single asset. The listing also notes that owner financing is available, which may be an added consideration for qualified purchasers looking to reduce reliance on traditional financing. Reported gross monthly revenue is $3,100, offering a starting point for underwriting and unit-level review during due diligence.
Key Highlights
- 3‑family property with a garage apartment
- Year built: 1870
- Gross monthly revenue: $3,100
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
$19,940
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
8.86%
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%
$398,800
$398.8K
Cap Rate 7%
$284,857
$284.9K
Cap Rate 9%
$221,556
$221.6K
Market Conditions
NOI Build-Up for 2,338 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
$32.3K $13.80/SF
− Vacancy
−$3.8K −$1.62/SF
EGI
$28.5K $12.18/SF
− OpEx
−$8.5K −$3.66/SF
NOI
$19.9K $8.53/SF
Area
Wayne County, NY
Vacancy
11.71%
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%
$398,800
Cap Rate 7%
$284,857
Cap Rate 9%
$221,556
Alternative Uses
Best Use
Multifamily LT 5
$284.9K
$249.3K – $332.3K
NOI $19,940 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$251.2K
$219.8K – $293.1K
NOI $17,587 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$629.8K
$551.1K – $734.8K
NOI $44,087 @ 7.0% cap · market cap 19.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
178
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?
Triplex - Three-family property with a garage apartment and owner financing available in Macedon, NY.
Where is this triplex located?
The property is located at 1 Erie St N Macedon, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 3‑family property with a garage apartment; Year built: 1870; Gross monthly revenue: $3,100
