Two-Home Multifamily
For Sale
$375,000
131-137 Lovers Leap Rd, Little Falls, NY 13365
Two residences offer separate living spaces, each with its own well and septic system.
Property Size2,068 SF
Lot Size1.63 Acres
Price / SF$181.33
Days on Market10
Property Features for 131-137 Lovers Leap Rd
General Information
Standard status
Active
Size
2,068 SF
Lot size
1.63 Acres
Property subtype
Multi-Family
Additional Details
Asking Price
$375,000
Highway Access
Yes
Multifamily Units
2
Amenities
in-ground pool
Building Details
Year Built
1939
Buildings
2
Listing Agency:
Redway Realty LLC
(518) 526-1800
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 2:52PM
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 Redway Realty LLC
Investment Insights
Based on property information with market context.
This multifamily property at 131-137 Lovers Leap Rd includes two residences on 1.63 acres, with a combined property size of 2,068 square feet. The first home offers three, possibly four bedrooms, two full bathrooms, first-floor laundry, a dry cellar, five porches, and a 12-by-12 insulated outbuilding with electric service. Recent improvements include a roof that is six years old, plus a new washer, dryer, dishwasher, septic system, furnace, and oil tank.
The second residence has three bedrooms, two updated full bathrooms, a large living room, an eat-in kitchen, and its own detached two-car garage. It also features a reverse osmosis water system, water softener, newer oil tank, septic system, and access to an in-ground pool with newer mechanics. Each home has an independent well and septic system. Built in 1939, the property is one mile from schools, festivals, restaurants, grocery stores, and gas stations, and three-quarters of a mile from the New York State Thruway.
The second residence has three bedrooms, two updated full bathrooms, a large living room, an eat-in kitchen, and its own detached two-car garage. It also features a reverse osmosis water system, water softener, newer oil tank, septic system, and access to an in-ground pool with newer mechanics. Each home has an independent well and septic system. Built in 1939, the property is one mile from schools, festivals, restaurants, grocery stores, and gas stations, and three-quarters of a mile from the New York State Thruway.
Key Highlights
- Two residences on 1.63 acres at 131‑137 Lovers Leap Rd
- Combined property size of 2,068 square feet
- Each home has its own well and septic system
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
$15,052
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
4.01%
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%
$301,040
$301.0K
Cap Rate 7%
$215,029
$215.0K
Cap Rate 9%
$167,244
$167.2K
Market Conditions
NOI Build-Up for 2,068 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
$29.8K $14.40/SF
− Vacancy
−$2.4K −$1.17/SF
EGI
$27.4K $13.23/SF
− OpEx
−$12.3K −$5.96/SF
NOI
$15.1K $7.28/SF
Area
Herkimer County, NY
Vacancy
8.10%
Lease Rate
$14.40 /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%
$301,040
Cap Rate 7%
$215,029
Cap Rate 9%
$167,244
Alternative Uses
Best Use
Apartment 5plus
$215.0K
$188.2K – $250.9K
NOI $15,052 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$615.5K
$538.6K – $718.1K
NOI $43,088 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 13365, NY
8,448
Population
4,066
Households
2.1
Avg Household Size
44
Median Age
19%
College-Educated
91%
High-School Grad
123.6 sq mi
ZIP Area
68
Density / Sq Mi
$60,458
Median Household Income
$44,317
Median Earnings
$800
Median Rent
$121,000
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?
Multifamily property - Two residences offer separate living spaces, each with its own well and septic system.
Where is this multifamily property located?
The property is located at 131-137 Lovers Leap Rd Little Falls, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two residences on 1.63 acres at 131‑137 Lovers Leap Rd; Combined property size of 2,068 square feet; Each home has its own well and septic system
