7-Unit Apartment
For Sale
$249,900
400 MAIN ST, Massena, NY 13662
Six one-bedroom units and one three-bedroom apartment provide a varied residential configuration.
Property Size4,380 SF
Price / SF$57.05
Days on Market278
Property Features for 400 MAIN ST
General Information
Standard status
Active
Size
4,380 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 1BR, 1 x 3BR
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$4,700
Amenities
3
Shingle
103x161
Outdoor Lights.
Building Details
Year Built
1975
Stories
2
Listing Agency:
1st Class Realty Group
(315) 769-7533
Listed By:
Diana Dufresne · License #10371202021
Source:
Xome
Added: Nov 25, 2025
Changed: Aug 30
Last Checked: Aug 30 at 6:15AM
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 1st Class Realty Group
Investment Insights
Based on property information with market context.
This 7-unit apartment property includes six one-bedroom residences and one larger three-bedroom apartment. The original structure has a full basement that provides storage space, and the property includes off-street parking, outdoor lighting, and shingle exterior construction. The building was constructed in 1975 and measures 4,380 square feet.
Located at 400 Main St in Massena, the property includes an additional lot and is positioned near shopping, dining, schools, and local services. Tenants pay their own utilities. The property is reported as fully occupied with a waiting list, and the unit mix supports a range of household needs.
Located at 400 Main St in Massena, the property includes an additional lot and is positioned near shopping, dining, schools, and local services. Tenants pay their own utilities. The property is reported as fully occupied with a waiting list, and the unit mix supports a range of household needs.
Key Highlights
- 7 total units: six 1‑bedroom apartments and one 3‑bedroom apartment
- 4,380 square feet; built in 1975
- Full basement beneath the original structure
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
$20,493
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
8.20%
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%
$409,860
$409.9K
Cap Rate 7%
$292,757
$292.8K
Cap Rate 9%
$227,700
$227.7K
Market Conditions
NOI Build-Up for 4,380 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
$47.8K $10.92/SF
− Vacancy
−$10.6K −$2.41/SF
EGI
$37.3K $8.51/SF
− OpEx
−$16.8K −$3.83/SF
NOI
$20.5K $4.68/SF
Area
St. Lawrence County, NY
Vacancy
22.10%
Lease Rate
$10.92 /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%
$409,860
Cap Rate 7%
$292,757
Cap Rate 9%
$227,700
Alternative Uses
Best Use
Apartment 5plus
$292.8K
$256.2K – $341.6K
NOI $20,493 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.8K – $1.27M
NOI $76,065 @ 7.0% cap · market cap 30.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six one-bedroom units and one three-bedroom apartment provide a varied residential configuration.
Where is this apartment building located?
The property is located at 400 MAIN ST Massena, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 7 total units: six 1‑bedroom apartments and one 3‑bedroom apartment; 4,380 square feet; built in 1975; Full basement beneath the original structure
