Four-Family Residential Income
For Sale
$375,000
Pending
38-40 Cliff St, Oneonta, NY 13820
Well-maintained four-unit setup with separate utilities, rear parking, and coin-op laundry serving ten total bedrooms.
Property Size3,104 SF
Days on Market60
Property Features for 38-40 Cliff St
General Information
Standard status
Pending
Size
3,104 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,946
Building Details
Building Size
3,104 SF
Year Built
1900
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Benson Agency Real Estate LLC
(607) 287-1559
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Source:
Elliman
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 12 at 8:37AM
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 Benson Agency Real Estate LLC
Investment Insights
Based on property information with market context.
This quality-maintained four-family residence offers a total of 10 bedrooms across two 3-bedroom units and two 2-bedroom units. A spacious enclosed front entry porch serves all tenants, while the exterior features a rear second-floor deck for the two upper units and separate rear entry decks for each first-floor tenant. The property includes ample rear parking for tenants, in-unit dishwashers, and coin-operated laundry in the basement. The home was completely gutted in the 1990s, with electrical, plumbing, and wiring completed at that time, supporting a more straightforward maintenance profile.
The building is just minutes to downtown and city bus lines, with walkability rated at 78 and bikeability rated at 60. Utilities are separate, and the configuration is designed to keep day-to-day tenant operations independent.
For buyers or operators, this asset is well suited to a residential income strategy that values separate utilities, dedicated exterior entries, and on-site laundry. With one-year leases already in place, it can support an immediate transition while continuing to provide tenants with practical, in-building amenities such as dishwashers and coin-op laundry.
The building is just minutes to downtown and city bus lines, with walkability rated at 78 and bikeability rated at 60. Utilities are separate, and the configuration is designed to keep day-to-day tenant operations independent.
For buyers or operators, this asset is well suited to a residential income strategy that values separate utilities, dedicated exterior entries, and on-site laundry. With one-year leases already in place, it can support an immediate transition while continuing to provide tenants with practical, in-building amenities such as dishwashers and coin-op laundry.
Key Highlights
- 10‑bedroom, 4‑family home with 3BR/3BR and 2BR/2BR unit mix, total approx. 3,100 SF
- Separate utilities for the 4 units, plus ample rear parking area for tenants
- Each unit has outdoor space: enclosed front porch for all tenants and multiple rear entry/deck options
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
$27,069
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
7.22%
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%
$541,380
$541.4K
Cap Rate 7%
$386,700
$386.7K
Cap Rate 9%
$300,767
$300.8K
Market Conditions
NOI Build-Up for 3,100 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
$40.9K $13.20/SF
− Vacancy
−$2.3K −$0.73/SF
EGI
$38.7K $12.47/SF
− OpEx
−$11.6K −$3.74/SF
NOI
$27.1K $8.73/SF
Area
Otsego County, NY
Vacancy
5.50%
Lease Rate
$13.20 /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%
$541,380
Cap Rate 7%
$386,700
Cap Rate 9%
$300,767
Alternative Uses
Best Use
Multifamily LT 5
$386.7K
$338.4K – $451.2K
NOI $27,069 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$361.0K
$315.9K – $421.1K
NOI $25,268 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$854.5K
$747.7K – $997.0K
NOI $59,818 @ 7.0% cap · market cap 15.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,000
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit setup with separate utilities, rear parking, and coin-op laundry serving ten total bedrooms.
Where is this quadplex located?
The property is located at 38-40 Cliff St Oneonta, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 10‑bedroom, 4‑family home with 3BR/3BR and 2BR/2BR unit mix, total approx. 3,100 SF; Separate utilities for the 4 units, plus ample rear parking area for tenants; Each unit has outdoor space: enclosed front porch for all tenants and multiple rear entry/deck options
