Building Details

Building Size 2,804 SF

Year Built 1865

Stories 2

Units 3

Tenancy Multi

Listing Agency: m***@huntrealestate.com Show Phone

Listed By: Mark MacBain Show Phone

Source: Elliman

Added: May 8 Changed: Aug 7 Last Checked: Jul 23 at 10:08AM

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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 Mark MacBain

Investment Insights

Based on property information with market context.

This well-cared-for three-unit multifamily offers a straightforward income property layout with a practical onsite laundry setup. Recent updates include new front windows, improved insulation for efficiency, new gutters, and select updated appliances. Apartment one features new flooring, and additional portions of the home have fresh carpeting.

A coin-operated laundry area is located on the second floor, providing a convenient amenity for residents. Off-street parking is available behind the property. The building is set in the Village of Chittenango, described as being steps from local shops and dining, with a car-dependent walk environment indicated by walkScore 20.

Overall, the property combines a multi-unit configuration with targeted improvements and resident-friendly features, including laundry and rear parking.

Key Highlights

• Well‑maintained three‑unit multifamily built in 1865
• Recent exterior updates include new front windows, improved insulation, and new gutters
• Interior updates include new flooring in apartment one and fresh carpeting in portions of the home

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

$25,028

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

8.51%

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%

$500,560 $500.6K

Cap Rate 7%

$357,543 $357.5K

Cap Rate 9%

$278,089 $278.1K

Market Conditions

NOI Build-Up for 2,804 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

$38.7K $13.80/SF

− Vacancy

−$2.9K −$1.05/SF

EGI

$35.8K $12.75/SF

− OpEx

−$10.7K −$3.83/SF

NOI

$25.0K $8.93/SF

Area

Madison County, NY

Vacancy

7.60%

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%

$500,560

Cap Rate 7%

$357,543

Cap Rate 9%

$278,089

Alternative Uses

Best Use

Multifamily LT 5

$357.5K

$312.9K – $417.1K (±1% cap)

NOI $25,028 @ 7.0% cap · market cap 8.51%

Second Best

Apartment 5plus

$323.5K

$283.1K – $377.4K (±1% cap)

NOI $22,644 @ 7.0% cap · market cap 7.70%

Theoretical Best

Industrial

$941.7K

$824.0K – $1.10M (±1% cap)

NOI $65,919 @ 7.0% cap · market cap 22.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Dental Office Parking Lot & Garage Electrical Service Pharmacy Bakery Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

256

Businesses Nearby

Explore this area Business Placement

Demographics for 13037, NY

9,230

Population

3,987

Households

2.3

Avg Household Size

43

Median Age

34%

College-Educated

96%

High-School Grad

42.5 sq mi

ZIP Area

217

Density / Sq Mi

$79,191

Median Household Income

$50,679

Median Earnings

$826

Median Rent

$211,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Well-maintained three-unit building with coin-operated laundry and off-street parking behind, plus recent exterior and interior updates.

Where is this triplex located?

The property is located at 284 Genesee St Sullivan, NY.

What is the asking price?

The asking price for this property is $294,000.

What are key features of this property?

This property features: Well‑maintained three‑unit multifamily built in 1865; Recent exterior updates include new front windows, improved insulation, and new gutters; Interior updates include new flooring in apartment one and fresh carpeting in portions of the home