Building Details

Building Size 2,033 SF

Year Built 1976

Year Renovated 2017

Units 2

Listing Agency: Motivated Realty

Listed By: Jeremy Briggs · License #10371201707 Show Phone

Source: Elliman

Added: Sep 19 Changed: Oct 25 Last Checked: Nov 4 at 2:08PM

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Investment Insights

Based on property information with market context.

This duplex occupies 1.33 acres and contains a three-bedroom residence alongside a separate two-bedroom residence. Both units are occupied, with leases scheduled to expire in November. Separate furnaces serve the units, supporting independent operation.

The property was renovated in 2017 with work that included the roof, plumbing, electrical systems, select windows, flooring, and carpeting. Built in 1976, the property is located at 24307 Boot Jack Hill Road in Rutland, within the Carthage Central School District. Fort Drum is minutes away, and the Black River Trail is nearby for walking and biking. The property has a bike score of 25, described as Somewhat Bikeable, and a walk score of 7, described as Car-Dependent.

Key Highlights

• 1.33‑acre duplex property in Rutland
• Three‑bedroom unit paired with a separate two‑bedroom unit
• Comprehensive renovation completed in 2017

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,739

Cap Rate

8.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$334,780 $334.8K

Cap Rate 7%

$239,129 $239.1K

Cap Rate 9%

$185,989 $186.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,033 SF

Gross rent

$25.6K $12.60/SF

− Vacancy

−$1.7K −$0.84/SF

EGI

$23.9K $11.76/SF

− OpEx

−$7.2K −$3.53/SF

NOI

$16.7K $8.23/SF

Area

Jefferson County, NY

Vacancy

6.65%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$334,780

Cap Rate 7%

$239,129

Cap Rate 9%

$185,989

Alternative Uses

Best Use

Multifamily LT 5

$239.1K

$209.2K – $279.0K (±1% cap)

NOI $16,739 @ 7.0% cap · market cap 8.86%

Second Best

Apartment 5plus

$213.9K

$187.2K – $249.6K (±1% cap)

NOI $14,974 @ 7.0% cap · market cap 7.92%

Theoretical Best

Office A

$560.4K

$490.4K – $653.8K (±1% cap)

NOI $39,229 @ 7.0% cap · market cap 20.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

2

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

43

Businesses Nearby

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Demographics for 13638, NY

398

Population

106

Households

3.8

Avg Household Size

35

Median Age

95%

High-School Grad

0.8 sq mi

ZIP Area

498

Density / Sq Mi

$79,750

Median Household Income

$78,625

Median Earnings

$165,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Renovated two-unit property with separate furnaces and distinct living spaces in the Carthage Central School District.

Where is this duplex located?

The property is located at 24307 Boot Jack Hill Rd 309 Rutland, NY.

What is the asking price?

The asking price for this property is $189,000.

What are key features of this property?

This property features: 1.33‑acre duplex property in Rutland; Three‑bedroom unit paired with a separate two‑bedroom unit; Comprehensive renovation completed in 2017