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    Versatile Multi-Unit Investment Opportunity Title is generated by Realmo AI

    21 S Main St, Norfolk, NY 13667

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    For Sale
    $179,000

    MULTI_FAMILY - Norfolk, NY

    Property size:
    2,205 SF
    Price / SF:
    $81/SF
    Added:
    May 28, 2026
    Days on Market:
    2
    Last Refresh:
    May 29 at 11:06 am

    Property Features for 21 S Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 2
    Parking features
    Driveway, Garage - Detached, Garage
    Exterior features
    Storage/out-building(s)
    Standard status
    Active
    APN
    32.067-4-10
    Size
    2,205 SF

    Taxes and HOA fees

    Tax Annual Amount
    2589

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    Building Details

    Year built
    1938
    Floors in Building
    2
    Number of units
    2
    Building materials
    Vinyl siding
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Amanda Fiacco

    Listing agent Amanda Fiacco License #10491212047

    Listing office Fiacco Realty, LLC 6603 State Highway 56, Potsdam, NY

    Listing date May 28, 2026

    MLS# 52807 Listing URL

    Copyright © 2026 St. Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • New roof (2021) and domestic water heater (2025) offer significant updates.
    • Two‑unit home provides flexibility for owner occupancy or full rental potential.
    • Updated 200 amp electrical service and generator hookup enhance electrical capacity.
    • Larger apartment features 3 bedrooms, multiple living spaces, and a laundry area.
    • Includes a detached one‑car garage, insulated shed with heater, and paved driveway.
    • Conveniently located near multiple towns with access to restaurants, shopping, and amenities.

    Overview

    This two-unit home in Norfolk, NY, presents an investment opportunity with potential for owner occupancy or rental income. Its location offers proximity to Norwood, Potsdam, Madrid, Raymondville, and Canton, with restaurants, shopping, and other amenities. A new roof was installed in 2021, and a new boiler and domestic water heater are scheduled for installation in 2025. The electricity has been updated to 200 amp, and there is a hookup for a generator. The larger apartment features a spacious living room, an eat-in kitchen with a laundry area, a sitting room off the living room, a main floor bathroom, additional downstairs rooms, an enclosed back porch, and three bedrooms upstairs. These additional downstairs rooms could be used as another bedroom, a playroom, office or hobby space. The smaller apartment includes a dining room, a kitchen with a laundry area, a spacious living room, one bedroom, and a full bathroom. Both apartments share a large enclosed front porch. Outside, there is a detached one-car garage, an insulated shed with a heater, and a paved driveway. The property size is 2205 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $20.4k $9.24
    − Vacancy −$4.3k −$1.94
    EGI $16.1k $7.30
    − OpEx −$4.8k −$2.19
    NOI $11.3k $5.11
    2,205 SF · lease $9.24/SF/yr · vacancy 21.00% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $161.0K
    $140.8K – $187.8K (±1% cap)
    NOI $11,267 @ 7.0% cap · market cap 6.29%
    Second Best
    Apartment 5plus
    $147.4K
    $129.0K – $171.9K (±1% cap)
    NOI $10,316 @ 7.0% cap · market cap 5.76%
    Theoretical Best
    Office A
    $547.0K
    $478.7K – $638.2K (±1% cap)
    NOI $38,293 @ 7.0% cap · market cap 21.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Hair Salon Nail Salon Auto Parts Store Food Market HVAC Service Bar & Pub Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    St. Lawrence
    State
    New York
    Longitude
    -74.9831898
    Latitude
    44.7962947

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    FAQs

    What type of property is this?
    Duplex - Two-unit home with income potential in Norfolk, NY.
    Where is this duplex located?
    The property is located at 21 S Main St Norfolk, NY.
    What is the asking price?
    The asking price for this property is $179,000.
    What are key features of this property?
    This property features: New roof (2021) and domestic water heater (2025) offer significant updates.; Two‑unit home provides flexibility for owner occupancy or full rental potential.; Updated 200 amp electrical service and generator hookup enhance electrical capacity.
    (315) 261-9809
    We can help!
    Listing Contact
    Amanda Fiacco
    Real Estate License ID: 10491212047
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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