Six-Unit Apartment Building with
For Sale
$975,000
61 Fusco Drive, Jefferson, NY 12093
MULTI_FAMILY - Jefferson, NY
Property Size6,908 SF
Lot Size36.97 Acres
Price / SF$141.14
Days on Market49
Property Features for 61 Fusco Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Rooms
Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bedroom 6
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
Forced Air, Propane (Heating), Electric (Heating), Baseboard
Water source
Well
Water front features
Pond
Water front
1
Building Details
Year built
1965
Floors in Building
2
Number of units
7
Flooring type
Carpet, Laminate, Varies
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: Aug 4
Last Checked: Aug 12 at 5:06PM
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 income-producing property centers on a well-maintained six-unit apartment building built in 1965, offering six 1BR/1BA units. The apartments are supported by two septic systems, with water provided by a well. Electricity is listed as DCEC, and MTC fiber internet is available. A 2020 3BR/2BA doublewide on a concrete slab provides additional income or can serve as a residence.
Set on 36.97 acres anchored by a 9+-acre man-made lake, the acreage includes a broad, gently sloping clearing with unobstructed lake and mountain views. An old logging road off Titus Lake Road offers separate access and can bypass the rental areas.
On-site amenities and utilities include forced-air and baseboard heating, a shingle roof, vinyl siding, and gravel driveway access. Interior features include ceiling fans and storage, and a garage is on site. The setting is described as being under 30 minutes to Oneonta and just over an hour to Albany International Airport.
Set on 36.97 acres anchored by a 9+-acre man-made lake, the acreage includes a broad, gently sloping clearing with unobstructed lake and mountain views. An old logging road off Titus Lake Road offers separate access and can bypass the rental areas.
On-site amenities and utilities include forced-air and baseboard heating, a shingle roof, vinyl siding, and gravel driveway access. Interior features include ceiling fans and storage, and a garage is on site. The setting is described as being under 30 minutes to Oneonta and just over an hour to Albany International Airport.
Key Highlights
- 36.97 acres with a 9+-acre man‑made lake and unobstructed lake and mountain views
- Six‑unit apartment building (six 1BR/1BA units) built in 1965
- Two septic systems plus well water
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six 1BR/1BA apartments and a 2020 doublewide on 36.97 acres with a 9+-acre lake setting.
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 and unobstructed lake and mountain views; Six‑unit apartment building (six 1BR/1BA units) built in 1965; Two septic systems plus well water
