Updated Two-Unit Colonial
For Sale
$525,000
7026-7028 Owasco Road, Auburn, NY 13021
Renovated two-unit residence with separate living areas, finished attic space, covered porches, and a detached garage.
Property Size4,000 SF
Lot Size0.75 Acres
Days on Market75
Property Features for 7026-7028 Owasco Road
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
2
Lot size
0.75 Acres
Property subtype
Multi Family Home
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,552
Building Details
Building Size
4,000 SF
Year Built
1937
Buildings
1
Stories
2
Units
2
Construction
Colonial
Listing Agency:
Acropolis Realty Group LLC
(315) 730-6159
Listed By:
Marian Anderson
(315) 730-6159
Source:
Wcirealty
Added: Jun 1
Changed: Aug 7
Last Checked: Aug 13 at 1:43PM
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 Acropolis Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1937, this updated duplex provides two distinct residential units within a Colonial-style home. The larger residence includes three second-floor bedrooms, living and dining rooms, a remodeled kitchen, family room with a freestanding gas stove, and finished third-story rooms arranged as a crafts room and library. The second unit offers remodeled kitchen and bath areas, formal living and dining rooms, and private outdoor space. Across both units, the property includes 6 bedrooms and 3.5 bathrooms.
The home occupies approximately 0.75 acres near Owasco Lake, Owasco Marina, and the Merry-Go-Round Playhouse at Emerson Park. Additional improvements include a full basement, natural gas steam heat, public water and sewer, a covered front porch, an enclosed rear porch with deck, and a detached 2-car garage with storage. Updates include refinished oak flooring, windows, doors, lighting, electrical, plumbing, countertops, and stainless steel appliances.
The home occupies approximately 0.75 acres near Owasco Lake, Owasco Marina, and the Merry-Go-Round Playhouse at Emerson Park. Additional improvements include a full basement, natural gas steam heat, public water and sewer, a covered front porch, an enclosed rear porch with deck, and a detached 2-car garage with storage. Updates include refinished oak flooring, windows, doors, lighting, electrical, plumbing, countertops, and stainless steel appliances.
Key Highlights
- Two‑unit duplex with 6 bedrooms and 3.5 bathrooms
- Approximately 0.75‑acre lot near Owasco Lake
- 1937 Colonial‑style home with remodeled kitchens and bathrooms
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
$36,128
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
6.88%
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%
$722,560
$722.6K
Cap Rate 7%
$516,114
$516.1K
Cap Rate 9%
$401,422
$401.4K
Market Conditions
NOI Build-Up for 4,000 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
$55.2K $13.80/SF
− Vacancy
−$3.6K −$0.90/SF
EGI
$51.6K $12.90/SF
− OpEx
−$15.5K −$3.87/SF
NOI
$36.1K $9.03/SF
Area
Cayuga County, NY
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$722,560
Cap Rate 7%
$516,114
Cap Rate 9%
$401,422
Alternative Uses
Best Use
Multifamily LT 5
$516.1K
$451.6K – $602.1K
NOI $36,128 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$459.9K
$402.4K – $536.5K
NOI $32,192 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$886.5K
$775.7K – $1.03M
NOI $62,054 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
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?
Duplex - Renovated two-unit residence with separate living areas, finished attic space, covered porches, and a detached garage.
Where is this duplex located?
The property is located at 7026-7028 Owasco Road Auburn, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑unit duplex with 6 bedrooms and 3.5 bathrooms; Approximately 0.75‑acre lot near Owasco Lake; 1937 Colonial‑style home with remodeled kitchens and bathrooms
