12-Unit Apartment
14 Callahan Drive, Morrisville, NY 13408
For Sale
$1,100,000
A fully occupied property combines separately metered apartments with on-site laundry and tenant-paid electric.
Property Size12,384 SF
Lot Size1.00 Acre
Price / SF$88.82
Days on Market87
Property Features for 14 Callahan Drive
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
in-unit washer and dryer
coin-operated laundry
Blacktop Driveway
Building Details
Building Size
Year Built
Stories
Units
Tenancy
Listing Agency:
Howard Hanna Real Estate
Listed By:
Chelsea Perry · License NY #10401362544
(315) 682-9500
Source:
Cowanesquelakerealty
Added: Aug 20
Changed: Nov 11
Last Checked: Nov 13 at 3:31PM
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 Howard Hanna Real Estate
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Investment Insights
Based on property information with market context.
Built in 1985, this apartment property contains 12,384 square feet across 12 units: ten two-bedroom apartments and two one-bedroom apartments. All units are occupied, and each is separately metered for electricity, which tenants pay directly. Four apartments have in-unit washers and dryers; shared coin-operated laundry serves the others. Public water and sewer are provided, along with 24 parking spaces on approximately 1 +/- acre.
The property is in the Village of Morrisville, near SUNY Morrisville and village amenities. Its configuration includes a mix of apartment sizes and both in-unit and shared laundry facilities.
The property is in the Village of Morrisville, near SUNY Morrisville and village amenities. Its configuration includes a mix of apartment sizes and both in-unit and shared laundry facilities.
Key Highlights
- 12,384‑square‑foot apartment property built in 1985
- 12 units: ten 2‑bedroom apartments and two 1‑bedroom apartments
- Fully occupied; tenants pay their own electric through separate meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,010
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,000,200
$2.0M
Cap Rate 7%
$1,428,714
$1.4M
Cap Rate 9%
$1,111,222
$1.1M
Market Conditions
NOI Build-Up for 12,384 SF
Gross rent
$197.6K $15.96/SF
− Vacancy
−$15.8K −$1.28/SF
EGI
$181.8K $14.68/SF
− OpEx
−$81.8K −$6.61/SF
NOI
$100.0K $8.08/SF
Area
Madison County, NY
Vacancy
8.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,000,200
Cap Rate 7%
$1,428,714
Cap Rate 9%
$1,111,222
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,010 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$4.16M
$3.64M – $4.85M
NOI $291,136 @ 7.0% cap · market cap 26.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 13408, NY
3,452
Population
984
Households
3.5
Avg Household Size
27
Median Age
20%
College-Educated
90%
High-School Grad
34.0 sq mi
ZIP Area
102
Density / Sq Mi
$64,762
Median Household Income
$12,813
Median Earnings
$1,065
Median Rent
$177,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - A fully occupied property combines separately metered apartments with on-site laundry and tenant-paid electric.
Where is this apartment building located?
The property is located at 14 Callahan Drive Morrisville, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12,384‑square‑foot apartment property built in 1985; 12 units: ten 2‑bedroom apartments and two 1‑bedroom apartments; Fully occupied; tenants pay their own electric through separate meters
