Three-Home Multifamily
For Sale
$799,000
2704 State Route 28, Thendara, NY 13472
Residential, Thendara, NY
Property Size3,238 SF
Lot Size0.94 Acres
Price / SF$246.76
Days on Market148
Property Features for 2704 State Route 28
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
7
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 7, Bedroom 4, Basement, Bathroom 3, Bedroom 6
Interior features
NaturalWoodwork
Fireplace
1
Appliances
ElectricWaterHeater
Lot features
Corner Lot, Rectangular, Rectangular Lot
Elementary school district
Town of Webb
Middle school district
Town of Webb
High school district
Town of Webb
Subdivision
Webb-215400
Standard status
Active
APN
215400-041-065-0002-002-200-0000
Size
3,238 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Annual Amount
4240
Utilities
Sewer type
Septic Tank
Heating system
Oil
Water source
Well, Public
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile, Vinyl, Varies
Building materials
Cedar, CopperPlumbing
Roof type
Metal
Listing Agency:
Coldwell Banker Faith Properties · Coldwell Banker Real Estate
(315) 735-2222
Listed By:
Joseph C. Pantola Jr. · License #40PA1103828
(315) 725-6580
Added: May 11
Changed: Sep 30
Last Checked: Oct 5 at 3:06AM
MLS# S1680774
Copyright © 2026 New York State Alliance of MLSs, LLC. 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.
Three residences and a barn occupy this 0.94-acre property, with a combined reported building area of 3,238 square feet. The homes require finishing. Built in 1930, the buildings feature cedar construction, metal roofing, hardwood, tile and vinyl flooring, natural woodwork, and a fireplace. Heating is oil-fired; the property has a septic system and electric water heater.
The property is at 2704 State Route 28 in Thendara, within the Old Forge Hamlet area. The listing identifies both well and public water sources.
The property is at 2704 State Route 28 in Thendara, within the Old Forge Hamlet area. The listing identifies both well and public water sources.
Key Highlights
- Three homes and a barn on 0.94 acres
- 3,238 square feet of reported property area
- Homes require finishing
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
$23,568
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
2.95%
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%
$471,360
$471.4K
Cap Rate 7%
$336,686
$336.7K
Cap Rate 9%
$261,867
$261.9K
Market Conditions
NOI Build-Up for 3,238 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
$46.6K $14.40/SF
− Vacancy
−$3.8K −$1.17/SF
EGI
$42.9K $13.23/SF
− OpEx
−$19.3K −$5.96/SF
NOI
$23.6K $7.28/SF
Area
Herkimer County, NY
Vacancy
8.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$471,360
Cap Rate 7%
$336,686
Cap Rate 9%
$261,867
Alternative Uses
Best Use
Apartment 5plus
$336.7K
$294.6K – $392.8K
NOI $23,568 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$963.8K
$843.3K – $1.12M
NOI $67,465 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
54
Businesses Nearby
Explore this area
Business Placement
Demographics for 13472, NY
292
Population
343
Households
0.9
Avg Household Size
55
Median Age
57%
College-Educated
100%
High-School Grad
13.8 sq mi
ZIP Area
21
Density / Sq Mi
$3,938
Median Earnings
$369,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - The 0.94-acre parcel includes a barn and three residences that require completion.
Where is this multifamily property located?
The property is located at 2704 State Route 28 Thendara, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three homes and a barn on 0.94 acres; 3,238 square feet of reported property area; Homes require finishing
