2-Unit Upper-Lower
New
For Sale
$184,900
53 E Genesee St, Auburn, NY 13021
The upper apartment is vacant, while both residences have three bedrooms and a porch.
Property Size1,856 SF
Days on Market4
Property Features for 53 E Genesee St
General Information
Standard status
Active
Size
1,856 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,637
Building Details
Building Size
1,856 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
CANDY COSTA REAL ESTATE LLC
Listed By:
Julie A Rizzo · License #10401303422
(315) 505-6609
Source:
Elliman
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 1 at 11:33AM
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 CANDY COSTA REAL ESTATE LLC
Investment Insights
Based on property information with market context.
Built in 1920, this two-family duplex has an upper-and-lower configuration with two 3-bedroom, 1-bath apartments. Tin ceilings add a period detail, and each unit has a porch and off-street parking. The upper apartment is vacant; the lower unit's occupancy is not specified.
Shopping, dining, and services are described as nearby. The property has a Walk Score of 53 and a Bike Score of 42.
Shopping, dining, and services are described as nearby. The property has a Walk Score of 53 and a Bike Score of 42.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 bathroom
- Upper apartment is vacant
- Upper‑and‑lower layout in a building constructed in 1920
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
$16,764
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
9.07%
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%
$335,280
$335.3K
Cap Rate 7%
$239,486
$239.5K
Cap Rate 9%
$186,267
$186.3K
Market Conditions
NOI Build-Up for 1,856 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
$25.6K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$23.9K $12.90/SF
− OpEx
−$7.2K −$3.87/SF
NOI
$16.8K $9.03/SF
Area
Cayuga County, NY
Vacancy
6.50%
Lease Rate
$13.80 /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%
$335,280
Cap Rate 7%
$239,486
Cap Rate 9%
$186,267
Alternative Uses
Best Use
Multifamily LT 5
$239.5K
$209.6K – $279.4K
NOI $16,764 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$213.4K
$186.7K – $249.0K
NOI $14,937 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$411.3K
$359.9K – $479.9K
NOI $28,793 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - The upper apartment is vacant, while both residences have three bedrooms and a porch.
Where is this duplex located?
The property is located at 53 E Genesee St Auburn, NY.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 1 bathroom; Upper apartment is vacant; Upper‑and‑lower layout in a building constructed in 1920
