Building Details

Building Size 3,612 SF

Year Built 1940

Tenancy Multi

Listed By: Kevin Faatz Show Phone

Source: Elliman

Added: Jul 25 Changed: Sep 13 Last Checked: Sep 14 at 9:59AM

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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 Kevin Faatz

Investment Insights

Based on property information with market context.

This income-producing multifamily property consists of seven units and is being offered for sale at 935–941 US Route 11 in Hastings, NY. It is set up to generate immediate rental income for an owner seeking a smaller residential income asset.

The property is positioned along US Route 11 and is described as providing convenient access to Central Square and Interstate 81, with nearby amenities. Based on the included mobility metrics, the area scores 28 on BikeScore (somewhat bikeable) and 9 on WalkScore (car-dependent).

Key Highlights

• 7‑unit income‑producing multifamily property built in 1940
• Located at 935‑941 US Route 11 in Hastings, NY on a highly traveled route
• Described as cash‑flowing and providing immediate rental income

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

$27,709

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

5.23%

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%

$554,180 $554.2K

Cap Rate 7%

$395,843 $395.8K

Cap Rate 9%

$307,878 $307.9K

Market Conditions

NOI Build-Up for 3,612 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

$53.3K $14.76/SF

− Vacancy

−$2.9K −$0.81/SF

EGI

$50.4K $13.95/SF

− OpEx

−$22.7K −$6.28/SF

NOI

$27.7K $7.67/SF

Area

Oswego County, NY

Vacancy

5.50%

Lease Rate

$14.76 /SF/Yr

Expense Ratio

45.00%

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%

$554,180

Cap Rate 7%

$395,843

Cap Rate 9%

$307,878

Alternative Uses

Best Use

Apartment 5plus

$395.8K

$346.4K – $461.8K (±1% cap)

NOI $27,709 @ 7.0% cap · market cap 5.23%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$720.5K

$630.4K – $840.5K (±1% cap)

NOI $50,432 @ 7.0% cap · market cap 9.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Auto Parts Store Auto Repair Shop Restaurant Garden Center Hotel & Motel

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

7

Residential units

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

17

Businesses Nearby

Explore this area Business Placement

Demographics for 13036, NY

8,601

Population

3,959

Households

2.2

Avg Household Size

45

Median Age

22%

College-Educated

94%

High-School Grad

46.1 sq mi

ZIP Area

187

Density / Sq Mi

$87,610

Median Household Income

$45,448

Median Earnings

$960

Median Rent

$173,900

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 apartment buildings 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?

Apartment building - Income-producing 7-unit property on highly traveled US Route 11 in Hastings, NY.

Where is this apartment building located?

The property is located at 935 US Route 11 Hastings, NY.

What is the asking price?

The asking price for this property is $529,900.

What are key features of this property?

This property features: 7‑unit income‑producing multifamily property built in 1940; Located at 935‑941 US Route 11 in Hastings, NY on a highly traveled route; Described as cash‑flowing and providing immediate rental income