Building Details

Year Built 1914

Listing Agency: Better Spaces Realty

Listed By: Tammy A Silvestri-Putnam · License #10371200424 Show Phone

Source: Capmarkrealty

Added: Oct 11 Last Checked: Oct 14 at 8:14PM

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Investment Insights

Based on property information with market context.

Built in 1914, the 2,200-square-foot triplex contains three residences. The first has an open kitchen and living room, den, sitting room, first-floor bedroom and full bath, plus an upstairs bedroom suite. The second-floor apartment includes a kitchen, vaulted living room, and two bedrooms; the third offers a living room, kitchen, and two bedrooms. Covered porches serve the front and rear of the house.

The five-acre property also includes a Dutch-style barn, a two-car garage with loft, sheds, and other outbuildings. Water comes from a drilled well, and the septic system and leach field are new, with two cleanouts and an RV cleanout. A creek runs at the back of the property.

Key Highlights

• Three residences in a 2,200‑square‑foot triplex
• Set on 5 acres with a creek at the rear
• 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

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

Current Use

Triplexes

Suggested Use

Top Pick HVAC Service Building Supply Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Restaurant Arcade & Gaming Center

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

3

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Explore this area Business Placement

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Three separate residences sit on a five-acre property with a garage, sheds, and a creek.

Where is this triplex located?

The property is located at 16 Main Street 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 residences in a 2,200‑square‑foot triplex; Set on 5 acres with a creek at the rear; Dutch‑style barn and two‑car garage with loft