Building Details

Building Size 1,408 SF

Year Built 1989

Buildings 3

Stories 2

Units 4

Tenancy Multi

Listing Agency: Howard Hanna o***@howardhanna.com

Listed By: M. Martha Marino Show Phone

Source: Crownjulesrealty

Added: Aug 17 Changed: Oct 26 Last Checked: Oct 29 at 7:35PM

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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

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Investment Insights

Based on property information with market context.

Four residential units are arranged across three buildings on 9.5 acres. The property includes a raised ranch home, a one-bedroom cottage, and two garage apartments configured with two and three bedrooms, respectively. The cottage has one bathroom, a kitchen, and a living room.

Heating varies by building: the garage apartments use wood stoves, the ranch home has a propane-fired forced-air furnace, and the cottage is heated by a propane wall furnace.

Key Highlights

• Three buildings on 9.5 acres
• Four residential units: a raised ranch, one‑bedroom cottage, and two garage apartments
• Garage apartments have two and three bedrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$8,782

Cap Rate

4.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$175,640 $175.6K

Cap Rate 7%

$125,457 $125.5K

Cap Rate 9%

$97,578 $97.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,408 SF

Gross rent

$16.9K $12.00/SF

− Vacancy

−$929 −$0.66/SF

EGI

$16.0K $11.34/SF

− OpEx

−$7.2K −$5.10/SF

NOI

$8.8K $6.24/SF

Area

Steuben County, NY

Vacancy

5.50%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$175,640

Cap Rate 7%

$125,457

Cap Rate 9%

$97,578

Alternative Uses

Best Use

Apartment 5plus

$125.5K

$109.8K – $146.4K (±1% cap)

NOI $8,782 @ 7.0% cap · market cap 4.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$343.2K

$300.3K – $400.5K (±1% cap)

NOI $24,027 @ 7.0% cap · market cap 12.02%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

4

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Explore this area Business Placement

Demographics for 14823, NY

3,686

Population

1,856

Households

2

Avg Household Size

43

Median Age

22%

College-Educated

89%

High-School Grad

94.9 sq mi

ZIP Area

39

Density / Sq Mi

$64,614

Median Household Income

$36,173

Median Earnings

$764

Median Rent

$112,700

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 - The property includes a ranch home, a one-bedroom cottage, and two apartments above a garage.

Where is this multifamily property located?

The property is located at 2800 Red Spring Run Road Canisteo, NY.

What is the asking price?

The asking price for this property is $199,900.

What are key features of this property?

This property features: Three buildings on 9.5 acres; Four residential units: a raised ranch, one‑bedroom cottage, and two garage apartments; Garage apartments have two and three bedrooms