Massena Seven-Unit Apartment
For Sale
$249,900
400 S Main Street, Massena, NY 13662
COMMERCIAL - Massena, NY
Property Size4,380 SF
Price / SF$57.05
Days on Market310
Property Features for 400 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Driveway
Exterior features
Outdoor lights
Lot features
Adj Pub/ Priv Open Area, Level lot
Elementary school district
Massena Central School District
Middle school district
Massena Central School District
High school district
Massena Central School District
Directions
Main Street right near the shopping center entrance.
Subdivision
ST LAWRENCE
Standard status
Active
APN
9.083-6-24.11
Size
4,380 SF
Taxes and HOA fees
Tax Annual Amount
4700
Utilities
Utilities
Cable Available
Water source
Public
Building Details
Year built
1975
Building materials
Vinyl siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
1st Class Realty Group
(315) 769-2500
Listed By:
Diana Dufresne · License #10371202021
(315) 769-7533
Added: Oct 17, 2025
Changed: Aug 4
Last Checked: Aug 22 at 11:06PM
MLS# 52064
Copyright © 2026 St. Lawrence Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This seven-unit apartment building presents an investment opportunity in Massena, New York. The property features six one-bedroom units and one three-bedroom unit. Tenants are responsible for their own utility payments. The building includes ample parking and an additional lot. A full basement is located under the original structure. The property is situated in a location near parks, schools, banks, churches, and shopping. The building has 4380 square feet of space.
Key Highlights
- Strong rental history with consistent full occupancy and a waiting list, ensuring reliable income.
- Tenants pay their own utilities, maximizing owner profitability.
- Prime, convenient location near parks, schools, banks, churches, shopping, and other local amenities.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit apartment building in Massena, NY with strong income potential.
Where is this apartment building located?
The property is located at 400 S Main Street 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: Strong rental history with consistent full occupancy and a waiting list, ensuring reliable income.; Tenants pay their own utilities, maximizing owner profitability.; Prime, convenient location near parks, schools, banks, churches, shopping, and other local amenities.
