Building Details

Building Size 1,632 SF

Year Built 1930

Stories 2

Units 2

Listing Agency: s***@svrny.com Show Phone

Listed By: Stephen A. Terwilliger Show Phone

Source: Elliman

Added: Mar 25 Changed: Aug 18 Last Checked: Aug 19 at 12:15PM

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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 Stephen A. Terwilliger

Investment Insights

Based on property information with market context.

This is a 2-unit residential building. One unit features two bedrooms and one full bathroom, with a monthly rental income of $900. The second unit includes one bedroom and one bathroom, generating $800 per month in rent. Municipal water and sewer services are included in the rent. Each tenant is responsible for their own electricity expenses. The owner covers the cost of natural gas. Tenants have access to separate laundry facilities. The building is equipped with a gas-fired, hot air heating system and is located in North Hornell, NY.

Key Highlights

• Two‑unit building provides immediate rental income potential.
• Separate laundry facilities for tenants.
• Tenants pay for their own electricity.

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

$11,044

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

6.91%

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%

$220,880 $220.9K

Cap Rate 7%

$157,771 $157.8K

Cap Rate 9%

$122,711 $122.7K

Market Conditions

NOI Build-Up for 1,632 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

$16.6K $10.20/SF

− Vacancy

−$869 −$0.53/SF

EGI

$15.8K $9.67/SF

− OpEx

−$4.7K −$2.90/SF

NOI

$11.0K $6.77/SF

Area

Steuben County, NY

Vacancy

5.22%

Lease Rate

$10.20 /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%

$220,880

Cap Rate 7%

$157,771

Cap Rate 9%

$122,711

Alternative Uses

Best Use

Multifamily LT 5

$157.8K

$138.1K – $184.1K (±1% cap)

NOI $11,044 @ 7.0% cap · market cap 6.91%

Second Best

Apartment 5plus

$145.4K

$127.2K – $169.7K (±1% cap)

NOI $10,179 @ 7.0% cap · market cap 6.37%

Theoretical Best

Office A

$397.9K

$348.1K – $464.2K (±1% cap)

NOI $27,850 @ 7.0% cap · market cap 17.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Steuben County Social ... Social Service Agency

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Real Estate Agency Garden Center Carpet & Flooring Store Daycare Center

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

181

Businesses Nearby

Explore this area Business Placement

Demographics for 14843, NY

12,637

Population

6,353

Households

2

Avg Household Size

42

Median Age

21%

College-Educated

93%

High-School Grad

95.7 sq mi

ZIP Area

132

Density / Sq Mi

$56,004

Median Household Income

$36,286

Median Earnings

$766

Median Rent

$104,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit residential building with rental income potential in North Hornell.

Where is this duplex located?

The property is located at 347 Seneca Rd North Hornell, NY.

What is the asking price?

The asking price for this property is $159,900.

What are key features of this property?

This property features: Two‑unit building provides immediate rental income potential.; Separate laundry facilities for tenants.; Tenants pay for their own electricity.