Historic Apartment
For Sale
$370,000
6188 N Main Street, Sandy Creek, NY 13145
Multi-floor rental property with original architectural details, a partially finished attic, and a substantial barn.
Property Size3,272 SF
Days on Market102
Property Features for 6188 N Main Street
General Information
Standard status
Active
Size
3,272 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,693
Building Details
Building Size
3,272 SF
Year Built
1850
Stories
3
Units
6
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Watn
(315) 778-1290
Listed By:
Karen Peebles · License #10301210000
(315) 778-1290
Source:
Northstarwny
Added: May 20
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 Berkshire Hathaway HomeServices CNY Realty Watn
Investment Insights
Based on property information with market context.
This 3,272-square-foot apartment building occupies a historic 1800s farmhouse configured for multifamily rental use. The multi-floor layout includes apartments and studio units, while original built-ins, wood finishes, and French-style doors retain the character of the former farmhouse. A partially finished attic provides additional interior space, and the property requires updating and restoration.
Exterior improvements include a large barn suitable for storage, along with advertising signs located on both parcels. The property consists of four parcels that are currently being surveyed. An adjoining parcel of more than 4 acres is also available separately and may be purchased with the multifamily property. The building offers a combination of existing rental configuration, historic construction, and land-related components for continued residential income use or restoration as a single-family farmhouse.
Exterior improvements include a large barn suitable for storage, along with advertising signs located on both parcels. The property consists of four parcels that are currently being surveyed. An adjoining parcel of more than 4 acres is also available separately and may be purchased with the multifamily property. The building offers a combination of existing rental configuration, historic construction, and land-related components for continued residential income use or restoration as a single-family farmhouse.
Key Highlights
- 3,272‑square‑foot apartment building in an 1800s farmhouse
- Multifamily rental configuration spread across multiple floors
- Original built‑ins, wood finishes, and French‑style doors
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
$25,101
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
6.78%
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%
$502,020
$502.0K
Cap Rate 7%
$358,586
$358.6K
Cap Rate 9%
$278,900
$278.9K
Market Conditions
NOI Build-Up for 3,272 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
$48.3K $14.76/SF
− Vacancy
−$2.7K −$0.81/SF
EGI
$45.6K $13.95/SF
− OpEx
−$20.5K −$6.28/SF
NOI
$25.1K $7.67/SF
Area
Oswego County, NY
Vacancy
5.50%
Lease Rate
$14.76 /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%
$502,020
Cap Rate 7%
$358,586
Cap Rate 9%
$278,900
Alternative Uses
Best Use
Apartment 5plus
$358.6K
$313.8K – $418.4K
NOI $25,101 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$652.6K
$571.1K – $761.4K
NOI $45,684 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 13145, NY
1,793
Population
1,063
Households
1.7
Avg Household Size
44
Median Age
22%
College-Educated
88%
High-School Grad
15.6 sq mi
ZIP Area
115
Density / Sq Mi
$50,238
Median Household Income
$40,078
Median Earnings
$781
Median Rent
$138,900
Median Home Value
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?
Apartment building - Multi-floor rental property with original architectural details, a partially finished attic, and a substantial barn.
Where is this apartment building located?
The property is located at 6188 N Main Street Sandy Creek, NY.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 3,272‑square‑foot apartment building in an 1800s farmhouse; Multifamily rental configuration spread across multiple floors; Original built‑ins, wood finishes, and French‑style doors
