Building Details

Building Size 980 SF

Year Built 1998

Stories 1

Listing Agency: j***@yahoo.com Show Phone

Listed By: Jennifer Conklin Show Phone

Source: Elliman

Added: Jun 23 Changed: Aug 8 Last Checked: Aug 8 at 3:45PM

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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 Jennifer Conklin

Investment Insights

Based on property information with market context.

The property consists of approximately 2 acres of usable, flat land with an existing single-wide mobile home sold as-is. A large detached garage on the site includes separate power and offers substantial workshop space for a variety of uses. A drilled well and septic are on the property, providing core utilities for prospective plans.

The site is described as being conveniently located close to the local school. The property is being sold as an estate, and the listing is clear that cash offers only will be considered. It also notes that the mobile home may be suitable for renovation or replacement, depending on a buyer’s goals.

For buyers looking for space to build or expand, this layout supports a range of practical options, including using the detached garage and workshop area while planning a future home or other use. It may also fit recreational or RV-oriented setups, given the combination of usable land, on-site services via well and septic, and the powered detached structure. All items are sold as-is, and buyers should confirm conditions and suitability for their intended use during due diligence.

Key Highlights

• 2‑acre property with flat, usable land
• Large detached garage with separate power
• Existing single‑wide mobile home sold as‑is (possible tear down, replace, or reno)

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

$7,360

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

6.69%

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%

$147,200 $147.2K

Cap Rate 7%

$105,143 $105.1K

Cap Rate 9%

$81,778 $81.8K

Market Conditions

NOI Build-Up for 980 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

$9.3K $9.48/SF

− Vacancy

−$632 −$0.64/SF

EGI

$8.7K $8.84/SF

− OpEx

−$1.3K −$1.33/SF

NOI

$7.4K $7.51/SF

Area

Herkimer County, NY

Vacancy

6.80%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

15.00%

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%

$147,200

Cap Rate 7%

$105,143

Cap Rate 9%

$81,778

Alternative Uses

Best Use

Warehouse

$105.1K

$92.0K – $122.7K (±1% cap)

NOI $7,360 @ 7.0% cap · market cap 6.69%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$291.7K

$255.2K – $340.3K (±1% cap)

NOI $20,419 @ 7.0% cap · market cap 18.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Residential land & home ...

Suggested Use

Top Pick Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 13452, NY

4,445

Population

2,216

Households

2

Avg Household Size

44

Median Age

15%

College-Educated

85%

High-School Grad

75.7 sq mi

ZIP Area

59

Density / Sq Mi

$65,890

Median Household Income

$40,143

Median Earnings

$768

Median Rent

$106,500

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this residential land & home lots located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Residential land & home lot - A 2-acre, flat property with a large powered garage and as-is single-wide mobile home, plus well and septic.

Where is this residential land & home lot located?

The property is located at 6575 State Highway 29 Oppenheim, NY.

What is the asking price?

The asking price for this property is $110,000.

What are key features of this property?

This property features: 2‑acre property with flat, usable land; Large detached garage with separate power; Existing single‑wide mobile home sold as‑is (possible tear down, replace, or reno)