Updated Two-Unit
New
For Sale
$159,000
256 Prospect Ave, Massena, NY 13662
MULTIFAMILY, 2 Story, Two family, Old Style, Massena, NY
Property Size1,002 SF
Price / SF$158.68
Days on Market2
Property Features for 256 Prospect Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking
4
Parking features
Garage, Driveway
Patio and Porch features
Deck
Exterior features
Deck
Fencing
Partial
Lot features
Landscaping, Level lot
Directions
From S Main St, turn right onto W Hatfield. Turn right onto Prospect Ave. #256 is on the right.
Subdivision
ST LAWRENCE
Standard status
Active
APN
9.083-6-42
Size
1,002 SF
Taxes and HOA fees
Tax Annual Amount
1826
Utilities
Water source
Public
Amenities
in-unit laundry
upper deck
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Cementious Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Trego Realty Group, LLC
(315) 705-5542
Listed By:
Elizabeth Trego · License #10491210659
(315) 842-0266
Added: Aug 28
Last Checked: Aug 29 at 1:06AM
MLS# 53295
Copyright © 2026 St. Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,002 square feet arranged as two distinct apartments. The upper residence has two bedrooms, a bathroom, two entrances, an upper deck, French doors, newer vinyl windows, updated flooring, fresh paint, electric baseboard heat, and a stackable washer and dryer. A converted enclosed porch provides additional flexible space with a private entrance. The lower apartment includes one bedroom and a bathroom, along with new linoleum flooring, electric baseboard heat, and its own stackable washer and dryer following a 2025 renovation.
Built in 1925, the property has cementious siding, a shingle roof, partial fencing, a garage, driveway parking, and public water service. The two-unit configuration supports rental of both apartments or occupancy of one unit while using the other for rental income.
Built in 1925, the property has cementious siding, a shingle roof, partial fencing, a garage, driveway parking, and public water service. The two-unit configuration supports rental of both apartments or occupancy of one unit while using the other for rental income.
Key Highlights
- Two apartments totaling 1,002 square feet
- Upper unit offers 2 bedrooms, 2 entrances, upper deck, and flexible converted porch space
- Lower 1‑bedroom apartment renovated in 2025
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
$5,120
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
3.22%
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%
$102,400
$102.4K
Cap Rate 7%
$73,143
$73.1K
Cap Rate 9%
$56,889
$56.9K
Market Conditions
NOI Build-Up for 1,002 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
$9.3K $9.24/SF
− Vacancy
−$1.9K −$1.94/SF
EGI
$7.3K $7.30/SF
− OpEx
−$2.2K −$2.19/SF
NOI
$5.1K $5.11/SF
Area
St. Lawrence County, NY
Vacancy
21.00%
Lease Rate
$9.24 /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%
$102,400
Cap Rate 7%
$73,143
Cap Rate 9%
$56,889
Alternative Uses
Best Use
Multifamily LT 5
$73.1K
$64.0K – $85.3K
NOI $5,120 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$67.0K
$58.6K – $78.1K
NOI $4,688 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$248.6K
$217.5K – $290.0K
NOI $17,401 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments feature updated interiors, individual laundry, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 256 Prospect Ave Massena, NY.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two apartments totaling 1,002 square feet; Upper unit offers 2 bedrooms, 2 entrances, upper deck, and flexible converted porch space; Lower 1‑bedroom apartment renovated in 2025
