Building Details

Year Built 1914

Listing Agency: Gosen properties Show Phone

Listed By: Emmanuel Victor Show Phone

Source: Gosenproperties

Added: Sep 9 Changed: Oct 28 Last Checked: Oct 28 at 4:56PM

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Investment Insights

Based on property information with market context.

This 2,200-square-foot residential property contains three separate units, each with a kitchen and living room. Unit 1 includes a den, sitting room, first-floor bedroom and full bath, plus an upstairs bedroom suite. Unit 2 is upstairs and has a vaulted living room and two bedrooms; Unit 3 has two bedrooms. Covered porches are located at the front and rear of the home.

The property spans 5 acres and includes a large Dutch-style barn, a two-car garage with a loft, sheds, and additional outbuildings. A creek runs along the back of the property. The home was built in 1914 and is served by a drilled well and a new septic system with a new leach field, two cleanouts, and an RV cleanout.

Key Highlights

• Three residential units in a 2,200‑square‑foot property
• 5 acres with a creek along the back
• Large Dutch‑style barn and two‑car garage with loft

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,210

Cap Rate

4.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$384,200 $384.2K

Cap Rate 7%

$274,429 $274.4K

Cap Rate 9%

$213,444 $213.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,200 SF

Gross rent

$29.0K $13.20/SF

− Vacancy

−$1.6K −$0.73/SF

EGI

$27.4K $12.47/SF

− OpEx

−$8.2K −$3.74/SF

NOI

$19.2K $8.73/SF

Area

Otsego County, NY

Vacancy

5.50%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$384,200

Cap Rate 7%

$274,429

Cap Rate 9%

$213,444

Alternative Uses

Best Use

Multifamily LT 5

$274.4K

$240.1K – $320.2K (±1% cap)

NOI $19,210 @ 7.0% cap · market cap 4.81%

Second Best

Apartment 5plus

$256.2K

$224.2K – $298.9K (±1% cap)

NOI $17,932 @ 7.0% cap · market cap 4.49%

Theoretical Best

Office A

$606.4K

$530.6K – $707.5K (±1% cap)

NOI $42,451 @ 7.0% cap · market cap 10.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

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Demographics for 12064, NY

427

Population

275

Households

1.6

Avg Household Size

53

Median Age

21%

College-Educated

98%

High-School Grad

9.0 sq mi

ZIP Area

47

Density / Sq Mi

$69,792

Median Household Income

$36,250

Median Earnings

$100,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Triplex - Three residential units are complemented by a detached garage, outbuildings, and covered porches.

Where is this triplex located?

The property is located at 16 Main St East Worcester, NY.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: Three residential units in a 2,200‑square‑foot property; 5 acres with a creek along the back; Large Dutch‑style barn and two‑car garage with loft