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    Norfolk Multifamily Investment Opportunity Title is generated by Realmo AI

    31 W Main St, Norfolk, NY 13667

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    For Sale
    $74,000

    MULTI_FAMILY - Norfolk, NY

    Property size:
    2,709 SF
    Price / SF:
    $27/SF
    Added:
    Apr 3, 2025
    Days on Market:
    422
    Last Refresh:
    May 29 at 11:06 am

    Property Features for 31 W Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 7, Bedroom 3
    Parking
    4
    Parking features
    Driveway
    Patio and Porch features
    Porch
    Exterior features
    Covered porch
    Standard status
    Active
    APN
    32.058-3-24.1 15.1, 6-33
    Size
    2,709 SF

    Taxes and HOA fees

    Tax Annual Amount
    3038

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet, Hardwood, Laminate, Vinyl
    Building materials
    Aluminum siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Kari Hazelton
    Kari Hazelton

    Listing agent Kari Hazelton License #10401371522

    Listing office Palmer Realty 29 Main Street, Canton, NY

    Listing date Apr 3, 2025

    MLS# 51068 Listing URL

    Copyright © 2026 St. Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three separate rental units (two 2‑bedroom, one 3‑bedroom) for immediate income potential.
    • Each unit has separate electric, water, and gas meters, simplifying billing and tenant management.
    • Units 2 and 3 feature newly remodeled bathrooms, enhancing appeal and reducing maintenance.
    • New laminate flooring throughout all units improves aesthetics and reduces upkeep.
    • On‑site parking with 4 spaces provided for tenants.
    • Unit 2 has a new Rinnai gas heater and new kitchen cabinets/countertops.

    Overview

    This property in Norfolk, NY, presents an investment opportunity with two separate rental properties. The property includes two two-bedroom units and one three-bedroom unit. Unit 1 features two bedrooms, one bathroom, new laminate flooring, spacious bedrooms, a mudroom, and a washer and dryer. Unit 2 includes two bedrooms, one bathroom, new laminate flooring, new kitchen cabinets and countertops, a Rinnai gas heater, a remodeled full bathroom, and a stackable washer and dryer. Unit 3 offers three bedrooms, a remodeled one and a half bathrooms, new laminate flooring, and refinished hardwood floors, along with a laundry area with washer and dryer hookups. Each apartment has separate electric, water, and gas meters. The property provides four parking spaces for tenants. The property size is 2709 square feet.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Auto Parts Store Food Market Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    St. Lawrence
    State
    New York
    Longitude
    -74.990604
    Latitude
    44.801038

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    FAQs

    What type of property is this?
    Triplex - Three units in Norfolk, NY, with updated interiors and parking.
    Where is this triplex located?
    The property is located at 31 W Main St Norfolk, NY.
    What is the asking price?
    The asking price for this property is $74,000.
    What are key features of this property?
    This property features: Three separate rental units (two 2‑bedroom, one 3‑bedroom) for immediate income potential.; Each unit has separate electric, water, and gas meters, simplifying billing and tenant management.; Units 2 and 3 feature newly remodeled bathrooms, enhancing appeal and reducing maintenance.
    (315) 854-0173
    We can help!
    Listing Contact
    Kari Hazelton
    Kari Hazelton
    Real Estate License ID: 10401371522
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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