Student Housing Multifamily
For Sale
$2,895,000
5270 CAUGHDENOY RD, Clay, NY 13045
Two income-producing multifamily properties offer 51 bedrooms, established group leasing, and 28 on-site parking spaces.
Property Size10,336 SF
Price / SF$280.09
Days on Market31
Property Features for 5270 CAUGHDENOY RD
General Information
Standard status
Active
Size
10,336 SF
Total Parking Spaces
28
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$45,080
Amenities
Gas
3
Stone
Asphalt
25 Parking Spaces.
Rectangular
Rectangular.
Building Details
Year Built
1900
Buildings
2
Listing Agency:
(607) 753-6766
Listed By:
Hage Real Estate
Source:
Xome
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 30 at 3:06PM
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 Hage Real Estate
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises two student housing properties with a combined 51 bedrooms and 28 on-site parking spaces. One property contains four rental units configured with five, eight, eight, and ten bedrooms. The second building is approximately 5,000 square feet with 20 bedrooms and is fully leased for fraternity housing.
Capital improvements include renovated kitchens, new flooring, interior and exterior painting, a new boiler, a new hot water heater, electrical upgrades, renovations across the first, second, and third floors, and four renovated bathrooms. The properties have established operating histories with repeat tenancy and group leasing structures. The portfolio is described as being within walking distance of SUNY Cortland and downtown Cortland.
Capital improvements include renovated kitchens, new flooring, interior and exterior painting, a new boiler, a new hot water heater, electrical upgrades, renovations across the first, second, and third floors, and four renovated bathrooms. The properties have established operating histories with repeat tenancy and group leasing structures. The portfolio is described as being within walking distance of SUNY Cortland and downtown Cortland.
Key Highlights
- Two‑property student housing portfolio with 51 bedrooms
- 28 on‑site parking spaces
- Four rental units configured with 5, 8, 8, and 10 bedrooms
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
$97,589
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
3.37%
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%
$1,951,780
$2.0M
Cap Rate 7%
$1,394,129
$1.4M
Cap Rate 9%
$1,084,322
$1.1M
Market Conditions
NOI Build-Up for 10,336 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
$189.8K $18.36/SF
− Vacancy
−$12.3K −$1.19/SF
EGI
$177.4K $17.17/SF
− OpEx
−$79.8K −$7.72/SF
NOI
$97.6K $9.44/SF
Area
Onondaga County, NY
Vacancy
6.50%
Lease Rate
$18.36 /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%
$1,951,780
Cap Rate 7%
$1,394,129
Cap Rate 9%
$1,084,322
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.63M
NOI $97,589 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,739 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 13045, NY
28,406
Population
12,420
Households
2.3
Avg Household Size
36
Median Age
30%
College-Educated
90%
High-School Grad
107.9 sq mi
ZIP Area
263
Density / Sq Mi
$67,028
Median Household Income
$33,869
Median Earnings
$905
Median Rent
$162,700
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?
Multifamily property - Two income-producing multifamily properties offer 51 bedrooms, established group leasing, and 28 on-site parking spaces.
Where is this multifamily property located?
The property is located at 5270 CAUGHDENOY RD Clay, NY.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Two‑property student housing portfolio with 51 bedrooms; 28 on‑site parking spaces; Four rental units configured with 5, 8, 8, and 10 bedrooms
