Two-Family Duplex with Leased
For Sale
$169,900
337 First Ave, Frankfort, NY 13340
Two-family duplex built in 1920 with a garage under an existing lease for immediate rental income.
Property Size1,712 SF
Days on Market34
Property Features for 337 First Ave
General Information
Standard status
Active
Size
1,712 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,310
Building Details
Building Size
1,712 SF
Year Built
1920
Buildings
2
Stories
2
Units
3
Listing Agency:
River Hills Properties LLC Lf
(315) 868-4596
Listed By:
Brandon Mosher · License #10301224028
(315) 868-4596
Source:
Elliman
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 30 at 5:36PM
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 River Hills Properties LLC Lf
Investment Insights
Based on property information with market context.
This two-family duplex at 337 First Ave was built in 1920 and is offered as part of a package with an additional home at 116 Reese Road. The property configuration is designed to support built-in income potential across two properties.
The sale also includes a garage under an existing lease. The current owner will continue that lease after closing, providing immediate rental income from day one.
Bike and walk scores indicate a more car-dependent setting, with bikeScore of 20 (Somewhat Bikeable) and walkScore of 1 (Car-Dependent).
The sale also includes a garage under an existing lease. The current owner will continue that lease after closing, providing immediate rental income from day one.
Bike and walk scores indicate a more car-dependent setting, with bikeScore of 20 (Somewhat Bikeable) and walkScore of 1 (Car-Dependent).
Key Highlights
- Two‑family duplex built in 1920
- Offered as a package with an additional home at 116 Reese Road
- Garage included under an existing lease
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
$15,506
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
9.13%
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%
$310,120
$310.1K
Cap Rate 7%
$221,514
$221.5K
Cap Rate 9%
$172,289
$172.3K
Market Conditions
NOI Build-Up for 1,712 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
$23.6K $13.80/SF
− Vacancy
−$1.5K −$0.86/SF
EGI
$22.2K $12.94/SF
− OpEx
−$6.6K −$3.88/SF
NOI
$15.5K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
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%
$310,120
Cap Rate 7%
$221,514
Cap Rate 9%
$172,289
Alternative Uses
Best Use
Multifamily LT 5
$221.5K
$193.8K – $258.4K
NOI $15,506 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$451.1K
$394.8K – $526.3K
NOI $31,580 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 13340, NY
7,652
Population
3,427
Households
2.2
Avg Household Size
45
Median Age
22%
College-Educated
94%
High-School Grad
60.3 sq mi
ZIP Area
127
Density / Sq Mi
$69,928
Median Household Income
$44,464
Median Earnings
$872
Median Rent
$143,900
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 - Two-family duplex built in 1920 with a garage under an existing lease for immediate rental income.
Where is this duplex located?
The property is located at 337 First Ave Frankfort, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two‑family duplex built in 1920; Offered as a package with an additional home at 116 Reese Road; Garage included under an existing lease
