Historic Brick Mixed-Use
For Sale
$495,000
438A Main St., Franklin, NY 13775
Residential Income, Franklin, NY
Property Size3,500 SF
Lot Size0.30 Acres
Price / SF$141.43
Days on Market93
Property Features for 438A Main St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use
Bedrooms
1
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bathroom 2
Parking features
Driveway
Patio and Porch features
Porch
High school district
FRANKLIN CENTRAL SCHOOL DISTRICT
Directions
Rt 357 to the center of Franklin.
Standard status
Active
APN
97.12-3-8
Size
3,500 SF
Lot size
0.30 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Propane (Heating)
Water source
Public
Building Details
Year built
1869
Floors in Building
2
Flooring type
Hardwood, Vinyl
Building materials
Brick
Roof type
Rubber, Flat, Tar/Gravel
Listing Agency:
UPSTATE COUNTRY REALTY
(845) 514-5360
Listed By:
Susan Barnett
(607) 431-2540
Added: Jun 5
Changed: Sep 4
Last Checked: Sep 5 at 10:06AM
MLS# 11799318
Copyright © 2026 My State MLS. 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.
Built in 1869, this 3,500-square-foot brick mixed-use property occupies a 0.3-acre parcel and includes commercial, residential, and studio areas. The lower level offers 1,750 square feet with hardwood flooring, 12-foot ceilings, wainscoted walls, a half bath, and a kitchenette. Upstairs, the layout includes a one-bedroom apartment and a separate large studio room. The building has forced-air and propane heating, public water, public sewer, a driveway, and a porch.
Located at 438A Main St. in Franklin, the property sits within the village’s National Historic district and is near retail, dining, gallery, and cultural destinations identified in the surrounding downtown area. Completed improvements include a new electric panel, apartment water heater, mold remediation, storefront repairs and painting, restored original windows, a 2021 roof and gutter replacement, refinished iron facade, and a 2026 front-deck renewal. Additional planned work includes heating upgrades, brick repairs, accessibility improvements, septic-system updates, and a first-floor bathroom.
Located at 438A Main St. in Franklin, the property sits within the village’s National Historic district and is near retail, dining, gallery, and cultural destinations identified in the surrounding downtown area. Completed improvements include a new electric panel, apartment water heater, mold remediation, storefront repairs and painting, restored original windows, a 2021 roof and gutter replacement, refinished iron facade, and a 2026 front-deck renewal. Additional planned work includes heating upgrades, brick repairs, accessibility improvements, septic-system updates, and a first-floor bathroom.
Key Highlights
- 3,500‑square‑foot mixed‑use building on 0.3 acres
- Built in 1869 with brick construction and original iron facade
- 1,750‑square‑foot lower level with 12‑foot ceilings, hardwood floors, half bath, and kitchenette
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
$33,810
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
6.83%
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%
$676,200
$676.2K
Cap Rate 7%
$483,000
$483.0K
Cap Rate 9%
$375,667
$375.7K
Market Conditions
NOI Build-Up for 3,500 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
$58.8K $16.80/SF
− Vacancy
−$4.7K −$1.34/SF
EGI
$54.1K $15.46/SF
− OpEx
−$20.3K −$5.80/SF
NOI
$33.8K $9.66/SF
Area
Delaware County, NY
Vacancy
8.00%
Lease Rate
$16.80 /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%
$676,200
Cap Rate 7%
$483,000
Cap Rate 9%
$375,667
Alternative Uses
Best Use
Office B
$1.47M
$1.29M – $1.71M
NOI $102,822 @ 7.0% cap · market cap 20.77%
Second Best
Retail
$845.0K
$739.3K – $985.8K
NOI $59,147 @ 7.0% cap · market cap 11.95%
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,204 @ 7.0% cap · market cap 24.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
1
Office units
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
Business Placement
Demographics for 13775, NY
1,452
Population
1,041
Households
1.4
Avg Household Size
49
Median Age
23%
College-Educated
93%
High-School Grad
48.7 sq mi
ZIP Area
30
Density / Sq Mi
$76,875
Median Household Income
$43,611
Median Earnings
$747
Median Rent
$178,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial property with an apartment, art studio, open storefront space, and original architectural details.
Where is this mixed-use property located?
The property is located at 438A Main St. Franklin, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,500‑square‑foot mixed‑use building on 0.3 acres; Built in 1869 with brick construction and original iron facade; 1,750‑square‑foot lower level with 12‑foot ceilings, hardwood floors, half bath, and kitchenette
