Two-Unit Duplex with Detached
For Sale
$164,500
21 S Main St, Norfolk, NY 13667
MULTIFAMILY, Two family, Old Style, Norfolk, NY
Property Size2,205 SF
Price / SF$74.60
Days on Market95
Property Features for 21 S Main St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1
Parking features
Garage - Detached, Garage, Driveway
Exterior features
Storage/out-building(s)
Directions
From Potsdam, take State Highway 56 to Norfolk and the home will be on the right.
Subdivision
ST LAWRENCE
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
Amenities
enclosed front porch
enclosed back porch
detached one-car garage
insulated shed with a heater
paved driveway
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
Listing Agency:
Fiacco Realty, LLC
(315) 854-7529
Listed By:
Amanda Fiacco · License #10491212047
(315) 261-9809
Added: May 28
Changed: Aug 23
Last Checked: Aug 30 at 7:06AM
MLS# 52807
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.
Investment Insights
Based on property information with market context.
This 2,205-square-foot duplex, built in 1938, contains two distinct apartments with separate kitchens, living areas, laundry areas, and bathrooms. The larger residence includes three upstairs bedrooms, a main-level bathroom, an eat-in kitchen, a sitting room, an enclosed rear porch, and additional rooms suited to office, recreation, or sleeping space. The smaller unit provides one bedroom, a dining room, kitchen, living room, and full bathroom. Both apartments access an enclosed front porch with storage capacity.
Recent improvements include a metal roof installed in 2021, along with a boiler and domestic water heater replaced in 2025. Electrical service has been upgraded to 200 amp, and a generator hookup is in place. The property also includes a detached one-car garage, paved driveway, and an insulated shed with a heater that requires a propane tank. Public water service and cable availability are reported.
Recent improvements include a metal roof installed in 2021, along with a boiler and domestic water heater replaced in 2025. Electrical service has been upgraded to 200 amp, and a generator hookup is in place. The property also includes a detached one-car garage, paved driveway, and an insulated shed with a heater that requires a propane tank. Public water service and cable availability are reported.
Key Highlights
- 2,205 SF duplex with two separate apartments
- Larger unit includes 3 upstairs bedrooms plus additional downstairs rooms
- Smaller apartment includes 1 bedroom, dining room, kitchen, living room, and full bathroom
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
$11,267
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
6.85%
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%
$225,340
$225.3K
Cap Rate 7%
$160,957
$161.0K
Cap Rate 9%
$125,189
$125.2K
Market Conditions
NOI Build-Up for 2,205 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
$20.4K $9.24/SF
− Vacancy
−$4.3K −$1.94/SF
EGI
$16.1K $7.30/SF
− OpEx
−$4.8K −$2.19/SF
NOI
$11.3K $5.11/SF
Area
St. Lawrence County, NY
Vacancy
21.00%
Lease Rate
$9.24 /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%
$225,340
Cap Rate 7%
$160,957
Cap Rate 9%
$125,189
Alternative Uses
Best Use
Multifamily LT 5
$161.0K
$140.8K – $187.8K
NOI $11,267 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$147.4K
$129.0K – $171.9K
NOI $10,316 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$547.0K
$478.7K – $638.2K
NOI $38,293 @ 7.0% cap · market cap 23.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Explore this area
Business Placement
Demographics for 13667, NY
3,217
Population
1,597
Households
2
Avg Household Size
44
Median Age
12%
College-Educated
83%
High-School Grad
47.0 sq mi
ZIP Area
68
Density / Sq Mi
$57,114
Median Household Income
$41,341
Median Earnings
$790
Median Rent
$111,400
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 - Two separate apartments offer flexible owner-occupant or rental use with updated major systems and shared enclosed porch space.
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 $164,500.
What are key features of this property?
This property features: 2,205 SF duplex with two separate apartments; Larger unit includes 3 upstairs bedrooms plus additional downstairs rooms; Smaller apartment includes 1 bedroom, dining room, kitchen, living room, and full bathroom
