Building Details

Building Size 3,325 SF

Year Built 1870

Buildings 1

Stories 2

Units 2

Construction brick Federal-style

Listing Agency: Cornerstone Realty Associates

Listed By: Raymond Luke Cino · License #10491201091 Show Phone

Source: Elliman

Added: Oct 1 Last Checked: Oct 1 at 2:19PM

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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 Cornerstone Realty Associates

Investment Insights

Based on property information with market context.

Built in 1870, this brick Federal-style duplex pairs a three-bedroom, 1.5-bath main residence with an attached two-bedroom, 1.5-bath apartment. The two areas connect through doors that can be reopened, allowing the layout to function as a five-bedroom home with two full and two half baths. Character details include 10-foot ceilings, hardwood floors, poured-glass windows, tin ceilings, a built-in buffet, and a foyer with a staircase and frosted double doors. The main home also has front and rear porches; the apartment includes a living room and eat-in kitchen.

Separate gas and electric meters serve the units, with services updated in 2006. The property has two 150-amp breaker panels, two gas furnaces, two hot-water heaters, two refrigerators, two washers, and two dryers. The apartment has been used as an Airbnb, and furnishings may remain. Restaurants, the library, and Village of Marion amenities are within walking distance.

Key Highlights

• Duplex configuration: 3‑bedroom, 1.5‑bath main home and attached 2‑bedroom, 1.5‑bath apartment
• Built in 1870 with 10‑foot ceilings, hardwood floors, poured‑glass windows, and tin ceilings
• Reopen connecting doors to create a 5‑bedroom residence with 2 full baths and 2 half baths

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

$25,011

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

8.34%

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%

$500,220 $500.2K

Cap Rate 7%

$357,300 $357.3K

Cap Rate 9%

$277,900 $277.9K

Market Conditions

NOI Build-Up for 3,325 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

$51.9K $15.60/SF

− Vacancy

−$6.4K −$1.92/SF

EGI

$45.5K $13.68/SF

− OpEx

−$20.5K −$6.15/SF

NOI

$25.0K $7.52/SF

Area

Wayne County, NY

Vacancy

12.33%

Lease Rate

$15.60 /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%

$500,220

Cap Rate 7%

$357,300

Cap Rate 9%

$277,900

Alternative Uses

Best Use

Multifamily LT 5

$405.1K

$354.5K – $472.6K (±1% cap)

NOI $28,358 @ 7.0% cap · market cap 9.46%

Second Best

Apartment 5plus

$357.3K

$312.6K – $416.9K (±1% cap)

NOI $25,011 @ 7.0% cap · market cap 8.34%

Theoretical Best

Office A

$895.7K

$783.7K – $1.04M (±1% cap)

NOI $62,699 @ 7.0% cap · market cap 20.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Restaurant Law Firm (Bike/Boat/Book/etc) Store Garden 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.

Lease Details

2

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

131

Businesses Nearby

Explore this area Business Placement

Demographics for 14505, NY

5,202

Population

2,201

Households

2.4

Avg Household Size

44

Median Age

20%

College-Educated

94%

High-School Grad

39.6 sq mi

ZIP Area

131

Density / Sq Mi

$86,188

Median Household Income

$47,813

Median Earnings

$536

Median Rent

$178,800

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?

Frequently Asked Questions

What type of property is this?

Duplex - An attached two-bedroom apartment adds a separate living area alongside the three-bedroom main residence.

Where is this duplex located?

The property is located at 3834 Union St Marion, NY.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Duplex configuration: 3‑bedroom, 1.5‑bath main home and attached 2‑bedroom, 1.5‑bath apartment; Built in 1870 with 10‑foot ceilings, hardwood floors, poured‑glass windows, and tin ceilings; Reopen connecting doors to create a 5‑bedroom residence with 2 full baths and 2 half baths