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    Three-Unit Residential Income Property Title is generated by Realmo AI

    23 Academy Street, New Berlin, NY 13411

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    Claim this Listing
    New
    For Sale
    $144,900

    MULTI_FAMILY - Other - New Berlin, NY

    Property size:
    2,954 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $49/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 1:06 am

    Property Features for 23 Academy Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Basement
    Parking features
    Paved or Surfaced
    Patio and Porch features
    Porch
    Exterior features
    EnclosedPorch, Porch
    Appliances
    ElectricWaterHeater
    Standard status
    Active
    APN
    88.08-1-23
    Size
    2,954 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3668

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Oil, Forced Air
    Water source
    Public

    Building Details

    Year built
    1860
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Tile, Hardwood, Carpet, Vinyl, Varies
    Building materials
    VinylSiding
    Architectural style
    Other

    We can help!

    Listing Contact
    Joy Giannicchi
    Joy Giannicchi

    Listing agent Joy Giannicchi License #10401376334

    Listing office Keller Williams Upstate NY Properties 31 Main St, Oneonta, NY

    Listing date Jun 5, 2026

    MLS# R1682420 Listing URL

    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.

    HighLights

    • 3‑family property built in 1860 with 2,954 SF of living space
    • 0.36‑acre lot on a quiet one‑way street with off‑street parking available
    • Unit mix includes a 1‑bedroom/efficiency, a 2‑bedroom unit, and a large 3‑bedroom unit
    • 2‑bedroom and 3‑bedroom units have in‑unit washer and dryer hookups
    • Downstairs 3‑bedroom layout includes an added ramp for accessibility
    • Heating: oil forced air; water source: public; sewer: septic tank

    Overview

    23 Academy Street is a fully rented three-unit residential income property offering approximately 2,954 square feet of living space on a 0.36-acre lot. The building includes three distinct layouts: a 1-bedroom/efficiency apartment, a 2-bedroom unit upstairs, and a larger 3-bedroom unit downstairs. The downstairs unit includes an added ramp for accessibility. Upgrades for everyday convenience include dedicated in-unit washer and dryer hookups in the 2-bedroom and 3-bedroom units.

    Located on a quiet one-way street in the village of New Berlin, the property is complemented by off-street parking. The surrounding area is described as walkable to local eateries, community parks, and everyday conveniences, providing tenants with nearby day-to-day options.

    This asset is well-suited for investors seeking a stabilized, income-producing multi-family configuration with three unit types rather than a single large layout. For owner-occupants, the property also supports a live-in strategy while generating additional rental income from the other units. The combination of accessible design elements and in-unit laundry hookups is practical for attracting and retaining long-term residents.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Pharmacy Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    New Berlin
    County
    Chenango
    State
    New York
    Longitude
    -75.329091
    Latitude
    42.625809

    FAQs

    What type of property is this?
    Triplex - Fully rented three-unit building with unit-specific laundry hookups and an accessible ramp to support long-term occupancy.
    Where is this triplex located?
    The property is located at 23 Academy Street New Berlin, NY.
    What is the asking price?
    The asking price for this property is $144,900.
    What are key features of this property?
    This property features: 3‑family property built in 1860 with 2,954 SF of living space; 0.36‑acre lot on a quiet one‑way street with off‑street parking available; Unit mix includes a 1‑bedroom/efficiency, a 2‑bedroom unit, and a large 3‑bedroom unit
    (607) 386-5886
    We can help!
    Listing Contact
    Joy Giannicchi
    Joy Giannicchi
    Real Estate License ID: 10401376334
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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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