Building Details

Year Built 1860

Buildings 1

Stories 2

Units 1

Tenancy Multi

Listing Agency: Berkshire Hathaway HomeServices CNY Realty Fayetteville

Listed By: Thalia Collis · License #NY 30VI826997

Source: Crexi

Added: Jul 6 Changed: Aug 25 Last Checked: Aug 25 at 5:24PM

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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 Berkshire Hathaway HomeServices CNY Realty Fayetteville

Investment Insights

Based on property information with market context.

This four-unit multi-family property offers a flexible configuration with three income-producing apartments and a separate owner’s unit. Updates include newer windows installed in 2021, a new house roof in 2025, a garage roof in 2024, upgraded 200-amp electric service, and a new well pump in 2024. The building sits on a flat 1.5-acre lot with ample parking and additional space suitable for outdoor use.

The property is located in Venice, NY, just minutes from Aurora and Cayuga Lake, with nearby access to public lake areas and popular Finger Lakes destinations. It is within walking distance of Southern Cayuga Middle/High School, and a short drive to Ithaca.

Directions are provided from Ithaca via State Route 34B to Poplar Ridge Rd, where the property is the first house on the right.

Key Highlights

• 4‑unit multi‑family building built in 1860 with three rental apartments plus a spacious owner’s unit
• Set on a flat 1.5‑acre lot with ample parking for additional outdoor use
• Updates include newer windows (2021), new house roof (2025), and garage roof (2024)

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

$31,359

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

8.43%

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%

$627,180 $627.2K

Cap Rate 7%

$447,986 $448.0K

Cap Rate 9%

$348,433 $348.4K

Market Conditions

NOI Build-Up for 3,472 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

$47.9K $13.80/SF

− Vacancy

−$3.1K −$0.90/SF

EGI

$44.8K $12.90/SF

− OpEx

−$13.4K −$3.87/SF

NOI

$31.4K $9.03/SF

Area

Cayuga County, NY

Vacancy

6.50%

Lease Rate

$13.80 /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%

$627,180

Cap Rate 7%

$447,986

Cap Rate 9%

$348,433

Alternative Uses

Best Use

Multifamily LT 5

$448.0K

$392.0K – $522.7K (±1% cap)

NOI $31,359 @ 7.0% cap · market cap 8.43%

Second Best

Apartment 5plus

$399.2K

$349.3K – $465.7K (±1% cap)

NOI $27,943 @ 7.0% cap · market cap 7.51%

Theoretical Best

Office A

$769.5K

$673.3K – $897.7K (±1% cap)

NOI $53,863 @ 7.0% cap · market cap 14.48%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Auto Repair Shop Hair Salon Nail Salon Spa & Massage Center Clothing & Fashion Store

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

4

Residential units

Location Intelligence

Trade Area within ½ mile

18

Businesses Nearby

Explore this area Business Placement

Demographics for 13026, NY

1,523

Population

755

Households

2

Avg Household Size

36

Median Age

38%

College-Educated

95%

High-School Grad

26.2 sq mi

ZIP Area

58

Density / Sq Mi

$96,000

Median Household Income

$22,871

Median Earnings

$1,263

Median Rent

$202,000

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

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

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Frequently Asked Questions

What type of property is this?

Quadplex - Four-unit multi-family building with updated windows, electric service, and well pump on a flat lot with ample parking.

Where is this quadplex located?

The property is located at 1856 POPLAR RIDGE RD Venice, NY.

What is the asking price?

The asking price for this property is $372,000.

What are key features of this property?

This property features: 4‑unit multi‑family building built in 1860 with three rental apartments plus a spacious owner’s unit; Set on a flat 1.5‑acre lot with ample parking for additional outdoor use; Updates include newer windows (2021), new house roof (2025), and garage roof (2024)