Two-Story Mixed-Use
For Sale
$395,000
431 Main St, Phoenix, NY 13135
Business space occupies the first floor, with a three-bedroom residence and substantial support areas above and below.
Property Size3,852 SF
Days on Market43
Property Features for 431 Main St
General Information
Standard status
Active
Size
3,852 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$10,606
Building Details
Building Size
3,852 SF
Year Built
1902
Buildings
1
Stories
3
Listing Agency:
Coldwell Banker Prime Properties Cicero
(315) 752-0320
Listed By:
Cheryl Dauer · License #40DA1117334
(315) 752-0320
Source:
Elliman
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 30 at 9:21PM
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 Coldwell Banker Prime Properties Cicero
Investment Insights
Based on property information with market context.
This two-story mixed-use property combines an established business setting with a residential component. The first floor includes wood pillars, a prominent stairway, large rooms, an office, two bonus rooms, leaded-glass windows, and high ceilings. The second floor provides three bedrooms, including a primary suite, along with a living and dining area, eat-in kitchen, walk-in pantry, updated cabinetry and counters, newer appliances, and a separate office. A full basement adds storage, a fruit cellar, and a workshop, while the attic retains original doors, molding, and cabinet doors removed during remodeling.
Built in 1902, the property is located at 431 Main St in Phoenix, NY 13135. The community is situated along the Oswego River near Lock #1, with access to Route 481. Heating includes a hot-water furnace and gas forced air.
Built in 1902, the property is located at 431 Main St in Phoenix, NY 13135. The community is situated along the Oswego River near Lock #1, with access to Route 481. Heating includes a hot-water furnace and gas forced air.
Key Highlights
- Two‑story mixed‑use building with business space and a residential component
- Second‑floor residence includes 3 bedrooms and almost 2,000 square feet
- First‑floor layout includes large rooms, an office, 2 bonus rooms, and leaded‑glass windows
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
$34,321
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
8.69%
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%
$686,420
$686.4K
Cap Rate 7%
$490,300
$490.3K
Cap Rate 9%
$381,344
$381.3K
Market Conditions
NOI Build-Up for 3,852 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
$62.4K $16.20/SF
− Vacancy
−$7.5K −$1.94/SF
EGI
$54.9K $14.26/SF
− OpEx
−$20.6K −$5.35/SF
NOI
$34.3K $8.91/SF
Area
Oswego County, NY
Vacancy
12.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$686,420
Cap Rate 7%
$490,300
Cap Rate 9%
$381,344
Alternative Uses
Best Use
Mixed Use
$490.3K
$429.0K – $572.0K
NOI $34,321 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$768.3K
$672.3K – $896.4K
NOI $53,783 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 13135, NY
6,303
Population
2,592
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
32.0 sq mi
ZIP Area
197
Density / Sq Mi
$82,977
Median Household Income
$40,953
Median Earnings
$965
Median Rent
$166,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Business space occupies the first floor, with a three-bedroom residence and substantial support areas above and below.
Where is this mixed-use property located?
The property is located at 431 Main St Phoenix, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑story mixed‑use building with business space and a residential component; Second‑floor residence includes 3 bedrooms and almost 2,000 square feet; First‑floor layout includes large rooms, an office, 2 bonus rooms, and leaded‑glass windows
