Building Details

Building Size 3,238 SF

Year Built 1930

Stories 2

Units 3

Listing Agency: Coldwell Banker Faith Properties Inc j***@gmail.com Show Phone

Listed By: Joseph C. Pantola Jr. · License #40PA1103828 Show Phone

Source: Elliman

Added: May 14 Changed: Aug 12 Last Checked: Aug 16 at 6:56AM

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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 Coldwell Banker Faith Properties Inc

Investment Insights

Based on property information with market context.

The property features homes and a barn situated on a 0.94-acre corner lot. Located in Old Forge Hamlet, this property presents an opportunity for potential uses such as a bed and breakfast or income rentals upon completion of the homes. Alternatively, the site could be redeveloped for a new business. The property is located in the Adirondacks.

Key Highlights

• Prime corner lot location in Old Forge Hamlet
• Potential for Bed and Breakfast or income rentals
• Opportunity to build a new business

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 (±1% cap)

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 (±1% cap)

NOI $67,465 @ 7.0% cap · market cap 8.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Multifamily properties

Suggested Use

Top Pick Electrical Service Building Supply (Bike/Boat/Book/etc) Store Pharmacy Florist Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

130

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Homes and barn on .94 acres in Old Forge Hamlet.

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: Prime corner lot location in Old Forge Hamlet; Potential for Bed and Breakfast or income rentals; Opportunity to build a new business