Two-Unit
New
For Sale
$400,000
24 Spring Street, Schroeppel, NY 13135
Separate gas and electric meters serve the property's two apartments.
Property Size2,080 SF
Days on Market7
Property Features for 24 Spring Street
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,546
Building Details
Building Size
2,080 SF
Year Built
1840
Buildings
1
Tenancy
Single
Listing Agency:
Century 21 Leah's Signature
Listed By:
Patrick D Haggerty · License #10301221169
(315) 652-1165
Source:
Griffith-realty
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 19 at 10:22AM
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 Century 21 Leah's Signature
Investment Insights
Based on property information with market context.
Built in 1840, this duplex contains two distinct apartments with a three-bedroom and a two-bedroom layout. Separate gas and electric meters serve the units, providing independent utility metering for the two residences.
The property is located at 24 Spring Street in Schroeppel, NY 13135. Its two-unit configuration supports either owner occupancy with an additional residence or use as a multifamily investment property.
The property is located at 24 Spring Street in Schroeppel, NY 13135. Its two-unit configuration supports either owner occupancy with an additional residence or use as a multifamily investment property.
Key Highlights
- Two‑apartment duplex configuration
- Unit mix includes one 3‑bedroom apartment and one 2‑bedroom apartment
- Separate gas meters for the apartments
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
$17,153
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
4.29%
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%
$343,060
$343.1K
Cap Rate 7%
$245,043
$245.0K
Cap Rate 9%
$190,589
$190.6K
Market Conditions
NOI Build-Up for 2,080 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
$26.2K $12.60/SF
− Vacancy
−$1.7K −$0.82/SF
EGI
$24.5K $11.78/SF
− OpEx
−$7.4K −$3.53/SF
NOI
$17.2K $8.25/SF
Area
Oswego County, NY
Vacancy
6.50%
Lease Rate
$12.60 /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%
$343,060
Cap Rate 7%
$245,043
Cap Rate 9%
$190,589
Alternative Uses
Best Use
Multifamily LT 5
$245.0K
$214.4K – $285.9K
NOI $17,153 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$228.0K
$199.5K – $266.0K
NOI $15,957 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$414.9K
$363.0K – $484.0K
NOI $29,041 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 13135, NY
6,303
Population
2,592
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
32.0 sq mi
ZIP Area
197
Density / Sq Mi
$82,977
Median Household Income
$40,953
Median Earnings
$965
Median Rent
$166,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate gas and electric meters serve the property's two apartments.
Where is this duplex located?
The property is located at 24 Spring Street Schroeppel, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑apartment duplex configuration; Unit mix includes one 3‑bedroom apartment and one 2‑bedroom apartment; Separate gas meters for the apartments
