Duplex with Large
For Sale
$229,900
3862 Mount Read Boulevard, Greece, NY 14616
Two residential units include separate utility arrangements, basement storage, parking, and updated features in the first-floor residence.
Property Size1,624 SF
Lot Size0.50 Acres
Price / SF$141.56
Days on Market110
Property Features for 3862 Mount Read Boulevard
General Information
Standard status
Active
Size
1,624 SF
Lot size
0.50 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,353
Amenities
front porch
deck
breezeway
walk-out basement
sidewalks
Gas, Ceiling Fan(s)
Walkup, Full
3
Hardwood, Ceramic Tile
Cable Available
Thermal Window
Asphalt
Porch, Enclosed Porch, Deck
Deck.
Shared Driveway, Gravel.
Aluminum
Rectangular
108X225
Rectangular.
Building Details
Year Built
1929
Listing Agency:
(585) 400-4000
Listed By:
Howard Hanna
(585) 400-4000
Source:
Xome
Added: May 13
Changed: Aug 30
Last Checked: Aug 30 at 1:29PM
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 Howard Hanna
Investment Insights
Based on property information with market context.
This 1,624-square-foot duplex, built in 1929, occupies a 1/2-acre parcel and contains two two-bedroom residences. The first-floor unit features a living room with bay window, hardwood flooring, an updated bathroom, front porch, kitchen pantry, and included appliances. The upper unit is reached by stairs leading to a deck and breezeway. Both units have access to a clean, dry basement; improvements include newer windows, bulk doors, sump pump, furnace, and water service into the house.
A large driveway provides on-site parking. The property is approximately one minute from Wegmans and two minutes from 390, with sidewalks in the surrounding area. Utilities are separately arranged except for water, and the upper-level tenant pays electric service.
A large driveway provides on-site parking. The property is approximately one minute from Wegmans and two minutes from 390, with sidewalks in the surrounding area. Utilities are separately arranged except for water, and the upper-level tenant pays electric service.
Key Highlights
- Duplex with two 2‑bedroom units on a 1/2‑acre lot
- 1,624 SF building constructed in 1929
- First‑floor residence has hardwood floors, bay window, updated bath, porch, and included appliances
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
$18,690
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
8.13%
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%
$373,800
$373.8K
Cap Rate 7%
$267,000
$267.0K
Cap Rate 9%
$207,667
$207.7K
Market Conditions
NOI Build-Up for 1,624 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
$28.3K $17.40/SF
− Vacancy
−$1.6K −$0.96/SF
EGI
$26.7K $16.44/SF
− OpEx
−$8.0K −$4.93/SF
NOI
$18.7K $11.51/SF
Area
Rochester, NY
Vacancy
5.51%
Lease Rate
$17.40 /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%
$373,800
Cap Rate 7%
$267,000
Cap Rate 9%
$207,667
Alternative Uses
Best Use
Multifamily LT 5
$267.0K
$233.6K – $311.5K
NOI $18,690 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$238.0K
$208.3K – $277.7K
NOI $16,660 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$444.9K
$389.3K – $519.0K
NOI $31,142 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 14616, NY
27,946
Population
12,281
Households
2.3
Avg Household Size
40
Median Age
24%
College-Educated
90%
High-School Grad
5.9 sq mi
ZIP Area
4,737
Density / Sq Mi
$62,564
Median Household Income
$41,646
Median Earnings
$1,087
Median Rent
$136,100
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?
Duplex - Two residential units include separate utility arrangements, basement storage, parking, and updated features in the first-floor residence.
Where is this duplex located?
The property is located at 3862 Mount Read Boulevard Greece, NY.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Duplex with two 2‑bedroom units on a 1/2‑acre lot; 1,624 SF building constructed in 1929; First‑floor residence has hardwood floors, bay window, updated bath, porch, and included appliances
