Corner Lot Duplex with
501 Montrose Avenue Geddes, NY 13219
501 Montrose Avenue, Geddes, NY, 13219
$299,900
For Sale
$299,900
Two rented 2-bedroom units in a large duplex on a corner lot with a three-car garage.
Property Size2,911 SF
Price / SF$103.02
Days on Market87
Property Features for 501 Montrose Avenue
General Information
- Standard status
- Active
- Size
- 2,911 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1930
Listing agency
Hunt Real Estate ERA
(315) 682-7197
Listed by
Dante Belmonte · License #10401323828
Source
Xome
Added: Apr 28 Updated: Jul 21 at 11:42PM Checked: Jul 22 at 3:43AM
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 Hunt Real Estate ERA
Investment Insights
Based on property information with market context.
This large duplex sits on a corner lot and features two 2-bedroom residential units. The property includes a three-car garage with each tenant having access to one garage bay, and an additional garage bay rented separately. The duplex is also described as having potential for a third unit on the third floor.
The lower 2-bedroom unit is rented for $1,600 per month and is scheduled to increase to $1,700 in June based on a 3-year lease that ends in May 2027. The upper 2-bedroom unit is rented on a month-to-month basis, and the separate garage bay is rented for $300 per month. The total monthly income is stated as $3,700, with $3,800 starting in June. The landlord is responsible for all utilities.
The lower 2-bedroom unit is rented for $1,600 per month and is scheduled to increase to $1,700 in June based on a 3-year lease that ends in May 2027. The upper 2-bedroom unit is rented on a month-to-month basis, and the separate garage bay is rented for $300 per month. The total monthly income is stated as $3,700, with $3,800 starting in June. The landlord is responsible for all utilities.
Key Highlights
- Large duplex with two rented 2‑bedroom units on a corner lot
- Lower unit: 2BR rented for $1,600/month, increasing to $1,700/month in June; lease ends May 2027
- Upper unit: 2BR rented for $1,800/month on a month‑to‑month lease
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.4k | $18.36 |
| − Vacancy | −$3.5k | −$1.19 |
| EGI | $50.0k | $17.17 |
| − OpEx | −$22.5k | −$7.72 |
| NOI | $27.5k | $9.44 |
2,911 SF · lease $18.36/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$442.5K
$387.2K – $516.2K
NOI $30,974 @ 7.0% cap · market cap 10.33%
Second Best
Apartment 5plus
$392.6K
$343.6K – $458.1K
NOI $27,485 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$505.9K
$442.7K – $590.2K
NOI $35,413 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Two rented 2-bedroom units in a large duplex on a corner lot with a three-car garage.
Where is this duplex located?
The property is located at 501 Montrose Avenue Geddes, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Large duplex with two rented 2‑bedroom units on a corner lot; Lower unit: 2BR rented for $1,600/month, increasing to $1,700/month in June; lease ends May 2027; Upper unit: 2BR rented for $1,800/month on a month‑to‑month lease
