Leased Duplex Income
For Sale
$109,000
364 W 3rd St S, Fulton, NY 13069
Both units are currently leased, and the property has planned updates including a new metal roof in Spring 2026.
Property Size1,210 SF
Days on Market81
Property Features for 364 W 3rd St S
General Information
Standard status
Active
Size
1,210 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,559
Building Details
Building Size
1,210 SF
Year Built
1930
Stories
2
Units
2
Listing Agency:
CENTURY 21 - Galloway Realty | Oswego
(315) 402-3655
Listed By:
Ed Fayette
(315) 402-3655
Source:
Elliman
Added: Jun 1
Changed: Aug 13
Last Checked: Aug 20 at 7:53AM
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 CENTURY 21 - Galloway Realty | Oswego
Investment Insights
Based on property information with market context.
This duplex income property consists of two units that are currently leased. The offering includes many new updates, with a new metal roof scheduled for Spring 2026.
Please allow 24-hour notice for showing requests. The units are presently under lease for both sides.
Additional public data such as bike and walk scores is available, but the core operational structure is a two-unit, income-producing configuration with ongoing updates in progress.
Please allow 24-hour notice for showing requests. The units are presently under lease for both sides.
Additional public data such as bike and walk scores is available, but the core operational structure is a two-unit, income-producing configuration with ongoing updates in progress.
Key Highlights
- Duplex built in 1930 with both units currently leased
- Each unit is leased for $900/month
- Planned update: new metal roof scheduled for Spring 2026
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
$9,979
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
9.16%
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%
$199,580
$199.6K
Cap Rate 7%
$142,557
$142.6K
Cap Rate 9%
$110,878
$110.9K
Market Conditions
NOI Build-Up for 1,210 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
$15.2K $12.60/SF
− Vacancy
−$991 −$0.82/SF
EGI
$14.3K $11.78/SF
− OpEx
−$4.3K −$3.53/SF
NOI
$10.0K $8.25/SF
Area
Oswego County, NY
Vacancy
6.50%
Lease Rate
$12.60 /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%
$199,580
Cap Rate 7%
$142,557
Cap Rate 9%
$110,878
Alternative Uses
Best Use
Multifamily LT 5
$142.6K
$124.7K – $166.3K
NOI $9,979 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$132.6K
$116.0K – $154.7K
NOI $9,283 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$241.3K
$211.2K – $281.6K
NOI $16,894 @ 7.0% cap · market cap 15.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 13069, NY
24,071
Population
10,593
Households
2.3
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
109.9 sq mi
ZIP Area
219
Density / Sq Mi
$63,156
Median Household Income
$44,073
Median Earnings
$878
Median Rent
$112,600
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?
Duplex - Both units are currently leased, and the property has planned updates including a new metal roof in Spring 2026.
Where is this duplex located?
The property is located at 364 W 3rd St S Fulton, NY.
What is the asking price?
The asking price for this property is $109,000.
What are key features of this property?
This property features: Duplex built in 1930 with both units currently leased; Each unit is leased for $900/month; Planned update: new metal roof scheduled for Spring 2026
