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 Changed: Oct 16 Last Checked: Oct 19 at 4:04AM

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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 Better Spaces Realty

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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

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

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

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