Quadplex with On-Site
For Sale
$219,000
67 County Route 40, Massena, NY 13662
COMMERCIAL - Massena, NY
Property Size4,192 SF
Lot Size1.20 Acres
Price / SF$52.24
Days on Market127
Property Features for 67 County Route 40
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
4
Bathrooms
4
Rooms
Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 1
Parking features
Garage - Attached, Garage, Driveway
Lot features
Sloped lot
Elementary school district
Massena Central School District
Middle school district
Massena Central School District
High school district
Massena Central School District
Directions
Leaving Massena, head south on Main St, turn right onto County Route 40. Continue for 3.5 miles; the building is on the right side. Look for the sign!
Subdivision
ST LAWRENCE
Standard status
Active
APN
16.071-1-11.1
Size
4,192 SF
Lot size
1.20 Acres
Taxes and HOA fees
Tax Annual Amount
4371
Utilities
Utilities
Cable Available
Water source
Public
Amenities
laundry room
Building Details
Year built
1987
Floors in Building
2
Building materials
Vinyl siding
Roof type
Metal
Architectural style
Other
Listing Agency:
Dufrane Real Estate, LLC
(315) 769-2446
Listed By:
Carmen Kenney · License #10401334224
(315) 842-2044
Added: Apr 8
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 52520
Copyright © 2026 St. Lawrence Board of Realtors. 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 quadplex offers four one-bedroom, one-bath units. Each unit includes a stove and refrigerator, and three units also have a dishwasher. There is a utility/coin laundry room at the back of the building with four electric water heaters and separate electric meters. The building has 3-phase commercial power available and uses electric heat for all four apartment units, along with a garage workshop and a bonus unfinished unit.
Set on a 1.2-acre lot just outside Massena, the property includes two paved driveways and a circular concrete driveway. Updates include newer metal roofing and vinyl siding, plus a seamless gutter system installed in 2023. A drain was also installed in 2023 at the back of the property to pull moisture away from the building. Natural gas is available, and public water is provided.
Built in 1987, this setup supports flexible occupancy options across the four units, with utility and power infrastructure already in place for the building’s operations.
Set on a 1.2-acre lot just outside Massena, the property includes two paved driveways and a circular concrete driveway. Updates include newer metal roofing and vinyl siding, plus a seamless gutter system installed in 2023. A drain was also installed in 2023 at the back of the property to pull moisture away from the building. Natural gas is available, and public water is provided.
Built in 1987, this setup supports flexible occupancy options across the four units, with utility and power infrastructure already in place for the building’s operations.
Key Highlights
- 1.2‑acre lot with two paved driveways and a circular concrete driveway
- Four one‑bedroom, one‑bath units; each includes a stove and refrigerator
- Utility/coin laundry room with four electric water heaters and separate electric meters
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
$19,613
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
8.96%
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%
$392,260
$392.3K
Cap Rate 7%
$280,186
$280.2K
Cap Rate 9%
$217,922
$217.9K
Market Conditions
NOI Build-Up for 4,192 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
$45.8K $10.92/SF
− Vacancy
−$10.1K −$2.41/SF
EGI
$35.7K $8.51/SF
− OpEx
−$16.0K −$3.83/SF
NOI
$19.6K $4.68/SF
Area
St. Lawrence County, NY
Vacancy
22.10%
Lease Rate
$10.92 /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%
$392,260
Cap Rate 7%
$280,186
Cap Rate 9%
$217,922
Alternative Uses
Best Use
Multifamily LT 5
$306.0K
$267.8K – $357.0K
NOI $21,420 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,613 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$1.04M
$910.0K – $1.21M
NOI $72,800 @ 7.0% cap · market cap 33.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
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?
Quadplex - Four one-bedroom units include in-unit appliances, with a coin laundry room and garage workshop on a 1.2-acre lot.
Where is this quadplex located?
The property is located at 67 County Route 40 Massena, NY.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 1.2‑acre lot with two paved driveways and a circular concrete driveway; Four one‑bedroom, one‑bath units; each includes a stove and refrigerator; Utility/coin laundry room with four electric water heaters and separate electric meters
