Renovated Duplex with In-Unit
For Sale
$239,900
Pending
1897 Ridge Rd, Ontario, NY 14519
MULTI_FAMILY - Other - Ontario, NY
Property Size1,724 SF
Lot Size0.20 Acres
Days on Market93
Property Features for 1897 Ridge Rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 2 Unit
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 4
Interior features
ProgrammableThermostat
Appliances
GasWaterHeater
Lot features
Agricultural, Rectangular, Rectangular Lot
Elementary school district
Wayne
Middle school district
Wayne
High school district
Wayne
Directions
Route 104 to Knickerbocker Rd. heading south. Turn right onto Ridge Road. House is on the right.
Subdivision
Ontario-543400
Standard status
Pending
APN
543400-063-117-0009-204-514-0000
Size
1,724 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
2749
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Varies
Building materials
BlownInInsulation, VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Core Agency RE INC
(585) 420-8520
Listed By:
Bonnie F Pagano · License #10301214525
(585) 739-1200
Added: May 20
Changed: Aug 4
Last Checked: Aug 20 at 4:06AM
MLS# R1683257
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completely renovated duplex featuring two updated apartments: a spacious three-bedroom, one-bath unit and a one-bedroom, one-bath unit. The three-bedroom unit includes in-unit laundry conveniently located off the kitchen, while both apartments have refreshed finishes with lower-level plank flooring and brand-new carpeting in the bedrooms. Two brand-new refrigerators are included.
Major mechanical updates include furnaces replaced in April 2026 and a new hot water tank installed in May 2026, along with a second hot water tank from 2016. The roof is approximately 14 years old, and the exterior features maintenance-friendly vinyl siding and vinyl replacement windows. A walk-out basement includes glass block windows, with separate 100-amp electrical panels and separate gas, electric, and water meters for utility separation.
Additional property attributes include programmable thermostat and natural gas forced-air heating, with public water and an asphalt roof. The property includes approximately 1,724 square feet of total size on a 0.2-acre lot.
Major mechanical updates include furnaces replaced in April 2026 and a new hot water tank installed in May 2026, along with a second hot water tank from 2016. The roof is approximately 14 years old, and the exterior features maintenance-friendly vinyl siding and vinyl replacement windows. A walk-out basement includes glass block windows, with separate 100-amp electrical panels and separate gas, electric, and water meters for utility separation.
Additional property attributes include programmable thermostat and natural gas forced-air heating, with public water and an asphalt roof. The property includes approximately 1,724 square feet of total size on a 0.2-acre lot.
Key Highlights
- Two updated units: a three‑bedroom, one‑bath apartment plus a one‑bedroom, one‑bath apartment
- In‑unit laundry off the kitchen in the three‑bedroom unit
- Furnaces replaced in April 2026 and new hot water tank installed in May 2026
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
$14,704
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
6.13%
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%
$294,080
$294.1K
Cap Rate 7%
$210,057
$210.1K
Cap Rate 9%
$163,378
$163.4K
Market Conditions
NOI Build-Up for 1,724 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
$23.8K $13.80/SF
− Vacancy
−$2.8K −$1.62/SF
EGI
$21.0K $12.18/SF
− OpEx
−$6.3K −$3.66/SF
NOI
$14.7K $8.53/SF
Area
Wayne County, NY
Vacancy
11.71%
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%
$294,080
Cap Rate 7%
$210,057
Cap Rate 9%
$163,378
Alternative Uses
Best Use
Multifamily LT 5
$210.1K
$183.8K – $245.1K
NOI $14,704 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$185.3K
$162.1K – $216.1K
NOI $12,968 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$464.4K
$406.4K – $541.8K
NOI $32,509 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Explore this area
Business Placement
Demographics for 14519, NY
12,354
Population
5,281
Households
2.3
Avg Household Size
44
Median Age
34%
College-Educated
95%
High-School Grad
42.0 sq mi
ZIP Area
294
Density / Sq Mi
$91,331
Median Household Income
$46,293
Median Earnings
$927
Median Rent
$222,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Completely renovated duplex with two updated units, including in-unit laundry in the three-bedroom apartment.
Where is this duplex located?
The property is located at 1897 Ridge Rd Ontario, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two updated units: a three‑bedroom, one‑bath apartment plus a one‑bedroom, one‑bath apartment; In‑unit laundry off the kitchen in the three‑bedroom unit; Furnaces replaced in April 2026 and new hot water tank installed in May 2026
