Remodeled 3-Unit Multifamily
For Sale
$265,000
53 Arterial W, Auburn, NY 13021
Three fully renovated units are currently occupied, generating $3,700 per month in total rental income.
Property Size2,624 SF
Days on Market144
Property Features for 53 Arterial W
General Information
Standard status
Active
Size
2,624 SF
Total Parking Spaces
3
Property subtype
Multi Family
Occupancy
100%
Financials
Cap Rate
13%
Business Included
Yes
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,534
Building Details
Building Size
2,624 SF
Year Built
1910
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
(315) 622-2111
Listed By:
Jason Maddison
(315) 622-2111
Source:
Elliman
Added: Mar 31
Changed: Aug 8
Last Checked: Aug 20 at 9:17AM
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 Jason Maddison
Investment Insights
Based on property information with market context.
This remodeled 3-unit multifamily property offers three separate rental units with a current total rent of $3,700 per month ($44,400 per year), with all units occupied. The unit mix includes a spacious 3-bedroom unit, a 2-bedroom unit, and a 1-bedroom unit, each described as producing monthly rental income. The home has undergone major capital improvements, including a new roof, updated electric, new plumbing, new interior paint, new flooring throughout, modernized kitchens with new cabinets and sinks, updated bathrooms, new appliances, seven new windows, new heating systems, a new hot water heater, and an updated electric panel with circuit breakers.
Outside, the property features a large backyard, a 3-car garage, and two units with private porches. Located close to shopping, dining, schools, and parks, with access to Route 5 and Route 34, the property is presented as move-in ready for income-focused ownership.
Outside, the property features a large backyard, a 3-car garage, and two units with private porches. Located close to shopping, dining, schools, and parks, with access to Route 5 and Route 34, the property is presented as move-in ready for income-focused ownership.
Key Highlights
- Remodeled 3‑unit multifamily built in 1910 with all three units currently occupied.
- Total rental income is $3,700/month ($44,400/year) with units renting for $1,300 (3BR), $1,200 (2BR), and $1,200 (1BR).
- Major renovations include new roof, updated electric, new plumbing, new interior paint, new flooring, updated bathrooms, new appliances, and modernized kitchens with new cabinets & sinks.
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
$23,700
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
8.94%
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%
$474,000
$474.0K
Cap Rate 7%
$338,571
$338.6K
Cap Rate 9%
$263,333
$263.3K
Market Conditions
NOI Build-Up for 2,624 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
$36.2K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$33.9K $12.90/SF
− OpEx
−$10.2K −$3.87/SF
NOI
$23.7K $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%
$474,000
Cap Rate 7%
$338,571
Cap Rate 9%
$263,333
Alternative Uses
Best Use
Multifamily LT 5
$338.6K
$296.3K – $395.0K
NOI $23,700 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$301.7K
$264.0K – $352.0K
NOI $21,118 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$581.5K
$508.9K – $678.5K
NOI $40,708 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,372
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?
Triplex - Three fully renovated units are currently occupied, generating $3,700 per month in total rental income.
Where is this triplex located?
The property is located at 53 Arterial W Auburn, NY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Remodeled 3‑unit multifamily built in 1910 with all three units currently occupied.; Total rental income is $3,700/month ($44,400/year) with units renting for $1,300 (3BR), $1,200 (2BR), and $1,200 (1BR).; Major renovations include new roof, updated electric, new plumbing, new interior paint, new flooring, updated bathrooms, new appliances, and modernized kitchens with new cabinets & sinks.
