Well-Maintained Two-Family
For Sale
$259,900
179 3RD ST, Oswego, NY 13126
Two-family property with rental income potential and convenient location.
Property Size2,338 SF
Price / SF$111.16
Days on Market168
Property Features for 179 3RD ST
General Information
Standard status
Active
Size
2,338 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$4,018
Amenities
Electric, Gas
Full
3
Hardwood, Tile, Laminate, Carpet
Rectangular
49X80
Rectangular.
Building Details
Year Built
1900
Stories
2
Listing Agency:
Century 21 Galloway Realty
(315) 342-2111
Listed By:
Jeffrey Tonkin · License #30TO0955654
(315) 342-2111
Source:
Xome
Added: Mar 12
Changed: Aug 25
Last Checked: Aug 25 at 6:37AM
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 Century 21 Galloway Realty
Investment Insights
Based on property information with market context.
This well-maintained two-family property offers generous living space and solid rental income potential in a convenient location. The first-floor unit features 3 bedrooms, hardwood floors, and large living and dining areas. The layout is functional and inviting, complemented by bright rooms and modern appliances. This unit is currently leased at $1,700 per month, with tenants responsible for their own utilities. The second-floor unit offers 4 bedrooms, a spacious living room, and a practical galley-style kitchen. Previously rented for $1,500 per month, this unit is now vacant, freshly cleaned, and ready for immediate occupancy or leasing. Additional highlights include ample off-street parking. The property is located within walking distance to downtown, nearby shops, and public transportation routes. The bike score is 46, indicating it is somewhat bikeable, and the walk score is 88, indicating it is very walkable. This property is suitable for investors and owner-occupants.
Key Highlights
- Highly convenient location: short walk to downtown, shops, and public transportation.
- Solid rental income potential: one unit currently leased at $1,700/month.
- Two‑family property: ideal for investors or owner‑occupants.
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
$19,281
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
7.42%
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%
$385,620
$385.6K
Cap Rate 7%
$275,443
$275.4K
Cap Rate 9%
$214,233
$214.2K
Market Conditions
NOI Build-Up for 2,338 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
$29.5K $12.60/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$27.5K $11.78/SF
− OpEx
−$8.3K −$3.53/SF
NOI
$19.3K $8.25/SF
Area
Oswego County, NY
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$385,620
Cap Rate 7%
$275,443
Cap Rate 9%
$214,233
Alternative Uses
Best Use
Multifamily LT 5
$275.4K
$241.0K – $321.4K
NOI $19,281 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$256.2K
$224.2K – $298.9K
NOI $17,936 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$466.3K
$408.1K – $544.1K
NOI $32,644 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,335
Businesses Nearby
Explore this area
Business Placement
Demographics for 13126, NY
35,477
Population
15,668
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
100.7 sq mi
ZIP Area
352
Density / Sq Mi
$63,590
Median Household Income
$30,469
Median Earnings
$992
Median Rent
$134,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with rental income potential and convenient location.
Where is this duplex located?
The property is located at 179 3RD ST Oswego, NY.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Highly convenient location: short walk to downtown, shops, and public transportation.; Solid rental income potential: one unit currently leased at $1,700/month.; Two‑family property: ideal for investors or owner‑occupants.
