24-Unit Remodeled Apartment
New
For Sale
$2,999,000
3230 Moran Rd, Canandaigua, NY 14424
Updated apartments feature renovated kitchens, bathrooms, appliances, decks, and flooring across the property.
Property Size8,608 SF
Days on Market4
Property Features for 3230 Moran Rd
General Information
Standard status
Active
Size
8,608 SF
Property subtype
Investment
Units
Unit Mix
16 x 2BR, 8 x 1BR
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$29,178
Building Details
Building Size
8,608 SF
Year Built
1986
Stories
2
Units
24
Listing Agency:
(585) 509-3435
Listed By:
Igor Valoshka
(585) 509-3435
Source:
Elliman
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 16 at 5:42AM
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 Igor Valoshka
Investment Insights
Based on property information with market context.
Built in 1986, this 24-unit apartment property has undergone comprehensive renovations over the past 2 years. The unit mix includes 16 two-bedroom apartments and 8 one-bedroom apartments, with improvements encompassing kitchens, appliances, bathrooms, decks, and flooring. A paved parking lot completed one year ago and a newer roof add to the property’s physical improvements.
The property is located approximately 1/2 mile from Canandaigua Lake and has a bike score of 60, indicating a bikeable setting. The site also includes a section planned for 8 additional one-bedroom units, supported by approved architectural designs; construction would require obtaining the applicable permit. Long-term tenants are in place, and the major repairs identified in the property information have been completed.
The property is located approximately 1/2 mile from Canandaigua Lake and has a bike score of 60, indicating a bikeable setting. The site also includes a section planned for 8 additional one-bedroom units, supported by approved architectural designs; construction would require obtaining the applicable permit. Long-term tenants are in place, and the major repairs identified in the property information have been completed.
Key Highlights
- 24‑unit apartment property with 16 two‑bedroom and 8 one‑bedroom apartments
- Renovations completed across all units during the past 2 years
- Unit updates include kitchens, appliances, bathrooms, decks, and flooring
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
$98,263
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
3.28%
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%
$1,965,260
$2.0M
Cap Rate 7%
$1,403,757
$1.4M
Cap Rate 9%
$1,091,811
$1.1M
Market Conditions
NOI Build-Up for 8,608 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
$194.2K $22.56/SF
− Vacancy
−$15.5K −$1.80/SF
EGI
$178.7K $20.76/SF
− OpEx
−$80.4K −$9.34/SF
NOI
$98.3K $11.42/SF
Area
Ontario County, NY
Vacancy
8.00%
Lease Rate
$22.56 /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%
$1,965,260
Cap Rate 7%
$1,403,757
Cap Rate 9%
$1,091,811
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.23M – $1.64M
NOI $98,263 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.25M – $3.01M
NOI $180,355 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 14424, NY
28,353
Population
14,482
Households
2
Avg Household Size
48
Median Age
41%
College-Educated
94%
High-School Grad
129.5 sq mi
ZIP Area
219
Density / Sq Mi
$79,135
Median Household Income
$45,885
Median Earnings
$1,228
Median Rent
$250,400
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?
Apartment building - Updated apartments feature renovated kitchens, bathrooms, appliances, decks, and flooring across the property.
Where is this apartment building located?
The property is located at 3230 Moran Rd Canandaigua, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 24‑unit apartment property with 16 two‑bedroom and 8 one‑bedroom apartments; Renovations completed across all units during the past 2 years; Unit updates include kitchens, appliances, bathrooms, decks, and flooring
