Renovated Five-Unit Apartment
For Sale
Contact for pricing
516 Steuben rd, Herkimer, NY 13350
Fully occupied multifamily property with off-street parking.
Property Size5,008 SF
Price / SF$89.66
Days on Market131
Property Features for 516 Steuben rd
General Information
Standard status
Active
Size
5,008 SF
Property subtype
Mixed Use
Building Details
Year Built
1930
Listing Agency:
AXIS REALTY CNY LLC
(315) 735-4663
Listed By:
Tabatha Trevor
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 4:12AM
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 AXIS REALTY CNY LLC
Investment Insights
Based on property information with market context.
This 5,008-square-foot apartment building contains five units and dates to 1930. The property has been renovated and maintained with upgrades completed throughout the building. All units are currently occupied, and off-street parking is available on site.
Located at 516 Steuben Road in Herkimer, New York, the property sits within an established residential neighborhood. Its five-unit configuration and existing occupancy provide a straightforward multifamily operating profile, while the completed improvements and on-site parking add practical functionality for residents and ownership. Showings require advance scheduling.
Located at 516 Steuben Road in Herkimer, New York, the property sits within an established residential neighborhood. Its five-unit configuration and existing occupancy provide a straightforward multifamily operating profile, while the completed improvements and on-site parking add practical functionality for residents and ownership. Showings require advance scheduling.
Key Highlights
- Five‑unit apartment building totaling 5,008 square feet
- 100% occupied
- Renovated with upgrades and improvements throughout
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
$36,451
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
8.12%
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%
$729,020
$729.0K
Cap Rate 7%
$520,729
$520.7K
Cap Rate 9%
$405,011
$405.0K
Market Conditions
NOI Build-Up for 5,008 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
$72.1K $14.40/SF
− Vacancy
−$5.8K −$1.17/SF
EGI
$66.3K $13.23/SF
− OpEx
−$29.8K −$5.96/SF
NOI
$36.5K $7.28/SF
Area
Herkimer County, NY
Vacancy
8.10%
Lease Rate
$14.40 /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%
$729,020
Cap Rate 7%
$520,729
Cap Rate 9%
$405,011
Alternative Uses
Best Use
Apartment 5plus
$520.7K
$455.6K – $607.5K
NOI $36,451 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,343 @ 7.0% cap · market cap 23.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 13350, NY
9,513
Population
4,709
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
31.6 sq mi
ZIP Area
301
Density / Sq Mi
$62,548
Median Household Income
$37,975
Median Earnings
$821
Median Rent
$136,400
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 - Fully occupied multifamily property with off-street parking.
Where is this apartment building located?
The property is located at 516 Steuben rd Herkimer, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Five‑unit apartment building totaling 5,008 square feet; 100% occupied; Renovated with upgrades and improvements throughout
