Triplex with Heated
New
For Sale
$324,900
60 Mary Street, Auburn, NY 13021
The property combines two one-bedroom apartments with a three-bedroom residence featuring in-unit laundry and central air.
Property Size2,824 SF
Days on Market3
Property Features for 60 Mary Street
General Information
Standard status
Active
Size
2,824 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,979
Building Details
Building Size
2,824 SF
Year Built
1900
Listing Agency:
The Real Estate Agency
Listed By:
Matthew Chalanick · License #10371200877
(315) 604-0718
Source:
Griffith-realty
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 12:52PM
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 The Real Estate Agency
Investment Insights
Based on property information with market context.
Built in 1900, this triplex contains three apartments: two one-bedroom, one-bath units and a third residence with three bedrooms and 1.5 baths. The larger unit also has a dining room, living room, eat-in kitchen, in-unit laundry, central air, and an enclosed heated porch. A two-car garage, shed, and larger yard are additional site features.
The property is on Mary Street in Auburn, with Clifford Field on the same street. Downtown Auburn offers shopping, dining, and services.
The property is on Mary Street in Auburn, with Clifford Field on the same street. Downtown Auburn offers shopping, dining, and services.
Key Highlights
- Three apartments: two one‑bedroom, one‑bath units and one three‑bedroom, 1.5‑bath unit
- Larger residence includes dining and living rooms, an eat‑in kitchen, and in‑unit laundry
- Enclosed heated porch and central air in the three‑bedroom apartment
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
$25,507
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
7.85%
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%
$510,140
$510.1K
Cap Rate 7%
$364,386
$364.4K
Cap Rate 9%
$283,411
$283.4K
Market Conditions
NOI Build-Up for 2,824 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
$39.0K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.4K $12.90/SF
− OpEx
−$10.9K −$3.87/SF
NOI
$25.5K $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%
$510,140
Cap Rate 7%
$364,386
Cap Rate 9%
$283,411
Alternative Uses
Best Use
Multifamily LT 5
$364.4K
$318.8K – $425.1K
NOI $25,507 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$324.7K
$284.1K – $378.8K
NOI $22,728 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$625.9K
$547.6K – $730.2K
NOI $43,810 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
459
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - The property combines two one-bedroom apartments with a three-bedroom residence featuring in-unit laundry and central air.
Where is this triplex located?
The property is located at 60 Mary Street Auburn, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Three apartments: two one‑bedroom, one‑bath units and one three‑bedroom, 1.5‑bath unit; Larger residence includes dining and living rooms, an eat‑in kitchen, and in‑unit laundry; Enclosed heated porch and central air in the three‑bedroom apartment
