Three-Unit Multifamily
For Sale
$230,000
7 Spring St, Oneonta, NY 13820
Two separate residences support flexible rental arrangements and multigenerational living.
Property Size1,794 SF
Days on Market114
Property Features for 7 Spring St
General Information
Standard status
Active
Size
1,794 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
ready for a little TLC
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA (possibly 3BR), 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,312
Amenities
porch
laundry
off-street parking
Building Details
Building Size
1,794 SF
Year Built
1920
Buildings
2
Stories
2
Units
3
Listing Agency:
(607) 437-2771
Listed By:
Leah Long
(607) 437-2771
Source:
Elliman
Added: May 11
Changed: Aug 30
Last Checked: Aug 31 at 6:48PM
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 Leah Long
Investment Insights
Based on property information with market context.
Located at 7 and 9 Spring Street, this multifamily property combines a primary residence containing two apartments with a separate cottage, for three units overall. The first-floor apartment includes three bedrooms, one bathroom, and laundry, while the upper apartment offers two bedrooms, one bathroom, and laundry. The second unit may accommodate a third bedroom, as described in the property information. The detached cottage includes two bedrooms, one bathroom, and additional flexible living space. Each unit has its own porch, and parking is available both on site and along the street.
The property is within walking distance of downtown, local amenities, and a bus stop. Walk Score is 78, rated Very Walkable, and Bike Score is 60, rated Bikeable. Built in 1920, the two-home configuration offers separate living areas across the property.
The property is within walking distance of downtown, local amenities, and a bus stop. Walk Score is 78, rated Very Walkable, and Bike Score is 60, rated Bikeable. Built in 1920, the two-home configuration offers separate living areas across the property.
Key Highlights
- Two homes containing three residential units
- Main house includes a first‑floor 3‑bedroom apartment and an upper 2‑bedroom apartment
- Separate cottage with 2 bedrooms, 1 bath, and flexible living space
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
$14,623
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
6.36%
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%
$292,460
$292.5K
Cap Rate 7%
$208,900
$208.9K
Cap Rate 9%
$162,478
$162.5K
Market Conditions
NOI Build-Up for 1,794 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
$28.0K $15.60/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$26.6K $14.82/SF
− OpEx
−$12.0K −$6.67/SF
NOI
$14.6K $8.15/SF
Area
Otsego County, NY
Vacancy
5.00%
Lease Rate
$15.60 /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%
$292,460
Cap Rate 7%
$208,900
Cap Rate 9%
$162,478
Alternative Uses
Best Use
Apartment 5plus
$208.9K
$182.8K – $243.7K
NOI $14,623 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.5K
$432.7K – $577.0K
NOI $34,617 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
Explore this area
Business Placement
Demographics for 13820, NY
21,605
Population
10,083
Households
2.1
Avg Household Size
30
Median Age
40%
College-Educated
91%
High-School Grad
107.3 sq mi
ZIP Area
201
Density / Sq Mi
$66,217
Median Household Income
$26,154
Median Earnings
$983
Median Rent
$176,300
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?
Multifamily property - Two separate residences support flexible rental arrangements and multigenerational living.
Where is this multifamily property located?
The property is located at 7 Spring St Oneonta, NY.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two homes containing three residential units; Main house includes a first‑floor 3‑bedroom apartment and an upper 2‑bedroom apartment; Separate cottage with 2 bedrooms, 1 bath, and flexible living space
