Renovated Two-Unit
For Sale
$174,900
3 Parsons Street, Auburn, NY 13021
Updated two-family property with refreshed kitchens, bathrooms, and flooring in both apartments.
Property Size1,624 SF
Days on Market8
Property Features for 3 Parsons Street
General Information
Standard status
Active
Size
1,624 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,817
Building Details
Building Size
1,624 SF
Year Built
1930
Buildings
1
Listing Agency:
Baier Real Estate LLC
(315) 406-2717
Listed By:
Stephen J. Baier · License #10491213852
(315) 406-2717
Source:
Griffith-realty
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 31 at 12:27AM
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 Baier Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two separate apartments, each with two bedrooms. Renovations include new flooring, updated kitchens, and remodeled bathrooms throughout the property, providing a refreshed interior for the next owner.
The home is currently vacant and sits near downtown, with shopping, restaurants, entertainment, and everyday amenities located minutes away. Its two-unit layout supports both owner-occupancy and multifamily ownership uses.
The home is currently vacant and sits near downtown, with shopping, restaurants, entertainment, and everyday amenities located minutes away. Its two-unit layout supports both owner-occupancy and multifamily ownership uses.
Key Highlights
- Two‑unit duplex with two bedrooms in each apartment
- Renovated interiors with new flooring throughout
- Updated kitchens in both apartments
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
$14,668
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
8.39%
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%
$293,360
$293.4K
Cap Rate 7%
$209,543
$209.5K
Cap Rate 9%
$162,978
$163.0K
Market Conditions
NOI Build-Up for 1,624 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
$22.4K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.0K $12.90/SF
− OpEx
−$6.3K −$3.87/SF
NOI
$14.7K $9.03/SF
Area
Cayuga County, NY
Vacancy
6.50%
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%
$293,360
Cap Rate 7%
$209,543
Cap Rate 9%
$162,978
Alternative Uses
Best Use
Multifamily LT 5
$209.5K
$183.4K – $244.5K
NOI $14,668 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$186.7K
$163.4K – $217.8K
NOI $13,070 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$359.9K
$314.9K – $419.9K
NOI $25,194 @ 7.0% cap · market cap 14.40%
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
1,684
Businesses Nearby
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
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 - Updated two-family property with refreshed kitchens, bathrooms, and flooring in both apartments.
Where is this duplex located?
The property is located at 3 Parsons Street Auburn, NY.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms in each apartment; Renovated interiors with new flooring throughout; Updated kitchens in both apartments
