Apartment Building with Lake
For Sale
$975,000
61 Fusco Drive, Jefferson, NY 12093
MultiFamily, Jefferson, NY
Property Size6,908 SF
Lot Size36.97 Acres
Price / SF$141.14
Days on Market87
Property Features for 61 Fusco Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Rooms
Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 7, Bedroom 2, Bedroom 5, Bedroom 4
Parking features
Garage
Interior features
CeilingFans, Storage
Exterior features
GravelDriveway, PropaneTankLeased
Appliances
ElectricOven, ElectricRange, ElectricWaterHeater, Refrigerator
Lot features
Corner Lot, Rectangular, Rectangular Lot, Secluded, Wooded
Elementary school district
Jefferson
Middle school district
Jefferson
High school district
Jefferson
Directions
Stamford, NY: Take Rt. 23 W. 3 mi - turn right - Middlebrook Hill Rd. Follow for 3.3 miles, turn right Sturges Cors-Schoharie Co Line Rd. Left to Titus Lake Rd, right to Champlin Rd, left to Fusco Dr
Subdivision
Harpersfield-123889
Standard status
Active
APN
123889-012-000-0001-005-800
Size
6,908 SF
Lot size
36.97 Acres
Taxes and HOA fees
Tax Annual Amount
13104
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Propane (Heating), Forced Air, Electric (Heating)
Water source
Well
Water front features
Pond
Water front
1
Amenities
lake
Building Details
Year built
1965
Floors in Building
2
Number of units
7
Flooring type
Varies, Laminate, Carpet
Building materials
VinylSiding
Roof type
Shingle
Additional Structures
Storage, Barn(s)
Listing Agency:
Keller Williams Upstate NY Properties · Keller Williams Realty
(607) 746-3000
Listed By:
Susan Muther · License #10401290369
(607) 435-0470
Added: Jun 25
Changed: Sep 16
Last Checked: Sep 19 at 9:06AM
MLS# R1692261
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property occupies 36.97 acres and includes a six-unit building with six one-bedroom, one-bath residences. The improvements also include a 2020 three-bedroom, two-bath doublewide on a concrete slab, providing an additional residential component. The property has two septic systems, well water, DCEC electric service, and MTC fiber internet. Interior features include storage and ceiling fans, while the main structure was built in 1965.
A 9-acre man-made lake, open meadow, and a broad building area create a distinct setting for future residential development. The elevated clearing has unobstructed lake and mountain views, and a 40-foot rock ledge could support a private driveway. An old logging road off Titus Lake Road provides separate access to the development area. The property is under 30 minutes from Oneonta and just over an hour from Albany International Airport.
A 9-acre man-made lake, open meadow, and a broad building area create a distinct setting for future residential development. The elevated clearing has unobstructed lake and mountain views, and a 40-foot rock ledge could support a private driveway. An old logging road off Titus Lake Road provides separate access to the development area. The property is under 30 minutes from Oneonta and just over an hour from Albany International Airport.
Key Highlights
- 36.97 acres with a 9‑acre man‑made lake
- Six‑unit apartment building with six 1BR/1BA units
- 2020 3BR/2BA doublewide on a concrete slab
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
$70,564
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
7.24%
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%
$1,411,280
$1.4M
Cap Rate 7%
$1,008,057
$1.0M
Cap Rate 9%
$784,044
$784.0K
Market Conditions
NOI Build-Up for 6,908 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
$136.8K $19.80/SF
− Vacancy
−$8.5K −$1.23/SF
EGI
$128.3K $18.57/SF
− OpEx
−$57.7K −$8.36/SF
NOI
$70.6K $10.21/SF
Area
Schoharie County, NY
Vacancy
6.20%
Lease Rate
$19.80 /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%
$1,411,280
Cap Rate 7%
$1,008,057
Cap Rate 9%
$784,044
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$882.1K – $1.18M
NOI $70,564 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.13M
NOI $127,577 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 12093, NY
1,576
Population
1,107
Households
1.4
Avg Household Size
50
Median Age
27%
College-Educated
92%
High-School Grad
65.3 sq mi
ZIP Area
24
Density / Sq Mi
$61,250
Median Household Income
$50,156
Median Earnings
$883
Median Rent
$162,000
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?
Apartment building - Income-producing apartment property with additional residential space, expansive grounds, and lake and mountain views.
Where is this apartment building located?
The property is located at 61 Fusco Drive Jefferson, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 36.97 acres with a 9‑acre man‑made lake; Six‑unit apartment building with six 1BR/1BA units; 2020 3BR/2BA doublewide on a concrete slab
