Building Details

Building Size 2,033 SF

Year Built 1976

Year Renovated 2017

Units 2

Listing Agency: Motivated Realty

Listed By: Jeremy Briggs Show Phone

Source: Elliman

Added: Sep 19 Last Checked: Sep 19 at 7:21AM

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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 Motivated Realty

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 = 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

$16,739

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

8.86%

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%

$334,780 $334.8K

Cap Rate 7%

$239,129 $239.1K

Cap Rate 9%

$185,989 $186.0K

Market Conditions

NOI Build-Up for 2,033 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

$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 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%

$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.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Kitchen & Bath Showroom Barber Shop Plumbing Service Daycare Center

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

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

43

Businesses Nearby

Explore this area Business Placement

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

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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