Mixed-Use Property with
For Sale
$495,000
373-375 Main Street, Oneonta, NY 13820
Main Street building with first-floor central air, upstairs apartment space, and recently improved electrical and exterior finishes.
Property Size3,264 SF
Price / SF$151.65
Days on Market42
Property Features for 373-375 Main Street
General Information
Standard status
Active
Size
3,264 SF
Property subtype
CommercialSale
Listing Agency:
Keller Williams Upstate NY Properties
(607) 435-0567
Listed By:
Tim Mullinnex · License #10401341885
(607) 435-0567
Source:
Nicholcityrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Keller Williams Upstate NY Properties
Investment Insights
Based on property information with market context.
Built in 1915, this 3,264-square-foot mixed-use property combines commercial space on the first floor with an upstairs apartment configuration. The first floor has central air conditioning, while the building is served by four separate forced hot air furnaces. Other improvements include upgraded first-floor electrical service, four 100-amp electric panels, a replacement side roof, a new garage door, refreshed interior finishes, and new carpeting with original oak flooring beneath. Unit #3 received new kitchen and bathroom flooring in Spring 2026.
The property occupies a Main Street address in downtown Oneonta, with direct street exposure and a 12-space parking lot. The exterior was scraped, primed, and painted with two coats in September 2025, and a 5-foot white vinyl fence was installed in July 2023. The parking lot was professionally sealed and striped in October 2024.
The property occupies a Main Street address in downtown Oneonta, with direct street exposure and a 12-space parking lot. The exterior was scraped, primed, and painted with two coats in September 2025, and a 5-foot white vinyl fence was installed in July 2023. The parking lot was professionally sealed and striped in October 2024.
Key Highlights
- 3,264 SF mixed‑use property built in 1915
- Main Street location in downtown Oneonta
- Four separate forced hot air furnaces; central AC serves first‑floor spaces
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
$28,005
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
5.66%
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%
$560,100
$560.1K
Cap Rate 7%
$400,071
$400.1K
Cap Rate 9%
$311,167
$311.2K
Market Conditions
NOI Build-Up for 3,264 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
$50.9K $15.60/SF
− Vacancy
−$6.1K −$1.87/SF
EGI
$44.8K $13.73/SF
− OpEx
−$16.8K −$5.15/SF
NOI
$28.0K $8.58/SF
Area
Otsego County, NY
Vacancy
12.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$560,100
Cap Rate 7%
$400,071
Cap Rate 9%
$311,167
Alternative Uses
Best Use
Mixed Use
$400.1K
$350.1K – $466.8K
NOI $28,005 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$380.1K
$332.6K – $443.4K
NOI $26,605 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$899.7K
$787.3K – $1.05M
NOI $62,982 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 13820, NY
21,605
Population
10,083
Households
2.1
Avg Household Size
30
Median Age
40%
College-Educated
91%
High-School Grad
107.3 sq mi
ZIP Area
201
Density / Sq Mi
$66,217
Median Household Income
$26,154
Median Earnings
$983
Median Rent
$176,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Main Street building with first-floor central air, upstairs apartment space, and recently improved electrical and exterior finishes.
Where is this mixed-use property located?
The property is located at 373-375 Main Street Oneonta, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,264 SF mixed‑use property built in 1915; Main Street location in downtown Oneonta; Four separate forced hot air furnaces; central AC serves first‑floor spaces
