Building Details

Building Size 2,080 SF

Year Built 1962

Stories 2

Units 2

Tenancy Multi

Listing Agency: Howard Hanna

Listed By: Hollis A. Creek · License #30CR0701689 Show Phone

Source: Elliman

Added: Sep 24 Last Checked: Sep 24 at 2:27PM

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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 Howard Hanna

Investment Insights

Based on property information with market context.

This duplex contains two tenant-occupied residences, with improvements to plumbing, electrical systems, bathrooms, and flooring in both units. The property also includes an oversized detached garage and sits on a 0.62-acre lot. Built in 1962, it is set back from Spencerport Road.

The property is in Ogden, with access to schools, the village, the Erie Canal, restaurants, parks, and walking trails. Its Walk Score is 2 and Bike Score is 28.

Key Highlights

• Two tenant‑occupied units
• 0.62‑acre lot set back from Spencerport Road
• Oversized detached garage

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

$19,390

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

5.54%

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%

$387,800 $387.8K

Cap Rate 7%

$277,000 $277.0K

Cap Rate 9%

$215,444 $215.4K

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

$28.7K $13.80/SF

− Vacancy

−$1.0K −$0.48/SF

EGI

$27.7K $13.32/SF

− OpEx

−$8.3K −$4.00/SF

NOI

$19.4K $9.32/SF

Area

Monroe County, NY

Vacancy

3.50%

Lease Rate

$13.80 /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%

$387,800

Cap Rate 7%

$277,000

Cap Rate 9%

$215,444

Alternative Uses

Best Use

Multifamily LT 5

$277.0K

$242.4K – $323.2K (±1% cap)

NOI $19,390 @ 7.0% cap · market cap 5.54%

Second Best

Apartment 5plus

$250.2K

$218.9K – $291.9K (±1% cap)

NOI $17,513 @ 7.0% cap · market cap 5.00%

Theoretical Best

Specialty Retail

$399.3K

$349.4K – $465.9K (±1% cap)

NOI $27,951 @ 7.0% cap · market cap 7.99%

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 HVAC Service Auto Repair Shop Auto Parts Store Kitchen & Bath Showroom

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

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

53

Businesses Nearby

Explore this area Business Placement

Demographics for 14559, NY

17,964

Population

7,412

Households

2.4

Avg Household Size

45

Median Age

39%

College-Educated

94%

High-School Grad

43.7 sq mi

ZIP Area

411

Density / Sq Mi

$91,021

Median Household Income

$50,216

Median Earnings

$1,150

Median Rent

$218,900

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?

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Frequently Asked Questions

What type of property is this?

Duplex - Both residences are tenant occupied, and the property includes an oversized detached garage.

Where is this duplex located?

The property is located at 2587 Spencerport Rd Ogden, NY.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Two tenant‑occupied units; 0.62‑acre lot set back from Spencerport Road; Oversized detached garage