Building Details

Building Size 2,284 SF

Year Built 1905

Stories 2

Units 2

Listing Agency: Howard Hanna

Listed By: Kathy J. Goldschmidt-Ocorr Show Phone

Source: Elliman

Added: Jul 12 Changed: Aug 31 Last Checked: Sep 1 at 8:15PM

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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 Howard Hanna

Investment Insights

Based on property information with market context.

Built in 1905, this side-by-side duplex includes a three-bedroom, two-full-bath residence with a full basement, garage, and laundry area. The adjoining apartment offers two bedrooms and its own laundry. The layout also supports combined living arrangements, with five bedrooms and three full baths across both residences.

Located at 21 Victor Mendon Rd in Mendon, the property has a residential setting with a treed rear yard and a church across the street. Restaurants, eateries, and a park are within walking distance, while the Lehigh Valley hike bike trail and Auburn bike trail are accessible by bicycle. The property records a Walk Score of 13 and a Bike Score of 29.

Key Highlights

• Side‑by‑side duplex with a 3‑bedroom, 2‑full‑bath main residence and a 2‑bedroom adjoining apartment
• Main residence includes a full basement, garage, and laundry area
• Separate laundry provided for the 2‑bedroom apartment

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

$19,231

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

8.55%

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%

$384,620 $384.6K

Cap Rate 7%

$274,729 $274.7K

Cap Rate 9%

$213,678 $213.7K

Market Conditions

NOI Build-Up for 2,284 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

$37.0K $16.20/SF

− Vacancy

−$2.0K −$0.89/SF

EGI

$35.0K $15.31/SF

− OpEx

−$15.7K −$6.89/SF

NOI

$19.2K $8.42/SF

Area

Monroe County, NY

Vacancy

5.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

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%

$384,620

Cap Rate 7%

$274,729

Cap Rate 9%

$213,678

Alternative Uses

Best Use

Multifamily LT 5

$304.2K

$266.1K – $354.9K (±1% cap)

NOI $21,291 @ 7.0% cap · market cap 9.46%

Second Best

Apartment 5plus

$274.7K

$240.4K – $320.5K (±1% cap)

NOI $19,231 @ 7.0% cap · market cap 8.55%

Theoretical Best

Specialty Retail

$438.5K

$383.7K – $511.5K (±1% cap)

NOI $30,692 @ 7.0% cap · market cap 13.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Building Supply HVAC Service Law Firm (Bike/Boat/Book/etc) Store Furniture & Home Goods Butcher

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

2

Residential units

Location Intelligence

Trade Area within ½ mile

220

Businesses Nearby

Explore this area Business Placement

Demographics for 14506, NY

1,289

Population

434

Households

3

Avg Household Size

48

Median Age

64%

College-Educated

100%

High-School Grad

3.1 sq mi

ZIP Area

416

Density / Sq Mi

$95,625

Median Household Income

$93,207

Median Earnings

$1,577

Median Rent

$296,000

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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Frequently Asked Questions

What type of property is this?

Duplex - Two residences provide separate laundry areas, parking, and a private, tree-lined backyard.

Where is this duplex located?

The property is located at 21 Victor Mendon Rd Mendon, NY.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: Side‑by‑side duplex with a 3‑bedroom, 2‑full‑bath main residence and a 2‑bedroom adjoining apartment; Main residence includes a full basement, garage, and laundry area; Separate laundry provided for the 2‑bedroom apartment