Updated Two-Unit Apartment
For Sale
$249,900
45 Grove St, Oneonta, NY 13820
Updated apartments feature separate utilities, in-unit laundry, and off-street parking.
Property Size2,422 SF
Price / SF$103.18
Days on Market24
Property Features for 45 Grove St
General Information
Standard status
Active
Size
2,422 SF
Property subtype
Multi-Family
Units
Unit Mix
4BR/2BA, 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
off street parking
front porch
laundry in unit
Building Details
Year Built
1900
Listing Agency:
Oneonta Realty, LLC
(607) 287-8458
Listed By:
Christine Keto · License #30KE1019431
Source:
Skinnercnyrealty
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 7:38PM
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 Oneonta Realty, LLC
Investment Insights
Based on property information with market context.
This 2,422-square-foot duplex contains two apartments with distinct layouts. The first-floor unit offers four bedrooms, two bathrooms, an eat-in kitchen, and in-unit laundry. The upper apartment includes three bedrooms, two bathrooms, and its own laundry area. Both units have received updates over the past few years.
Separate utility services serve each apartment. The property also provides off-street parking and a front porch. Built in 1900, the building is located at 45 Grove St in Oneonta, near downtown, a bus route, and colleges.
Separate utility services serve each apartment. The property also provides off-street parking and a front porch. Built in 1900, the building is located at 45 Grove St in Oneonta, near downtown, a bus route, and colleges.
Key Highlights
- 2,422‑square‑foot duplex with two apartment units
- First‑floor apartment has 4 bedrooms and 2 baths
- Upstairs apartment has 3 bedrooms and 2 baths
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
$21,148
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
8.46%
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%
$422,960
$423.0K
Cap Rate 7%
$302,114
$302.1K
Cap Rate 9%
$234,978
$235.0K
Market Conditions
NOI Build-Up for 2,422 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
$32.0K $13.20/SF
− Vacancy
−$1.8K −$0.73/SF
EGI
$30.2K $12.47/SF
− OpEx
−$9.1K −$3.74/SF
NOI
$21.1K $8.73/SF
Area
Otsego County, NY
Vacancy
5.50%
Lease Rate
$13.20 /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%
$422,960
Cap Rate 7%
$302,114
Cap Rate 9%
$234,978
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.4K – $352.5K
NOI $21,148 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$282.0K
$246.8K – $329.0K
NOI $19,742 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$667.6K
$584.2K – $778.9K
NOI $46,735 @ 7.0% cap · market cap 18.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,000
Businesses Nearby
Explore this area
Business Placement
Demographics for 13820, NY
21,605
Population
10,083
Households
2.1
Avg Household Size
30
Median Age
40%
College-Educated
91%
High-School Grad
107.3 sq mi
ZIP Area
201
Density / Sq Mi
$66,217
Median Household Income
$26,154
Median Earnings
$983
Median Rent
$176,300
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?
Duplex - Updated apartments feature separate utilities, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 45 Grove St Oneonta, 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: 2,422‑square‑foot duplex with two apartment units; First‑floor apartment has 4 bedrooms and 2 baths; Upstairs apartment has 3 bedrooms and 2 baths
