8-Unit Short-Term Rental
New
For Sale
$599,900
7373 Rt 20, Waterville, NY 13480
COMMERCIAL - Waterville, NY
Property Size2,112 SF
Price / SF$284.04
Days on Market3
Property Features for 7373 Rt 20
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Res A
Parking
16
Parking features
Paved or Surfaced
Interior features
BedroomOnMainLevel
Lot features
Irregular Lot
Elementary school district
Waterville
Middle school district
Waterville
High school district
Waterville
Directions
On St Rt 20
Subdivision
Sangerfield-305489
Standard status
Active
APN
392.000-2-33.1
Size
2,112 SF
Taxes and HOA fees
Tax Annual Amount
7276
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Baseboard
Water source
Well
Amenities
on-site laundry
high speed internet
blacktop parking lot
air conditioning
Building Details
Year built
1950
Floors in Building
1
Number of units
8
Building materials
AtticCrawlHatchwaysInsulated, Brick
Roof type
Shingle, Asphalt
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice · Assist-2-Sell
(315) 735-9244
Listed By:
Martin C. Bell · License #40BE1090095
(315) 794-6090
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 5:06PM
MLS# S1707320
Copyright © 2026 New York State Alliance of MLSs, LLC. 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 2,112-square-foot property contains 8 furnished studio apartments, each with a full bathroom and window A/C unit. Units 1, 2, 7, and 8 include refrigerators, stoves, microwaves, and flat-screen TVs; units 3, 4, 5, and 6 include refrigerators, microwaves, and flat-screen TVs. The sale includes the furnishings, supplies, and contents used in the operating short-term rental business. Additional improvements include on-site laundry, high-speed internet supported by an eero boost system, and a paved parking lot completed in 2020.
The property is located at 7373 Rt 20 in Waterville, NY, with Hamilton College, Colgate University, and Morrisville College within 15 miles. The Village of Waterville is within 5 minutes. Res A zoning, well water, and a septic tank serve the property. A new privacy fence and water softener were added in 2025, and electronic door locks for each unit are scheduled for 2026. All hot water tanks are less than 5 years old.
The property is located at 7373 Rt 20 in Waterville, NY, with Hamilton College, Colgate University, and Morrisville College within 15 miles. The Village of Waterville is within 5 minutes. Res A zoning, well water, and a septic tank serve the property. A new privacy fence and water softener were added in 2025, and electronic door locks for each unit are scheduled for 2026. All hot water tanks are less than 5 years old.
Key Highlights
- 8 studio apartments with furnishings, supplies, and contents included
- 2,112 square feet on a 0.48‑acre parcel
- Units 1, 2, 7, and 8 include stoves; all units have full baths
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
$17,582
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
2.93%
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%
$351,640
$351.6K
Cap Rate 7%
$251,171
$251.2K
Cap Rate 9%
$195,356
$195.4K
Market Conditions
NOI Build-Up for 2,112 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
$34.2K $16.20/SF
− Vacancy
−$2.2K −$1.06/SF
EGI
$32.0K $15.14/SF
− OpEx
−$14.4K −$6.81/SF
NOI
$17.6K $8.32/SF
Area
Oneida County, NY
Vacancy
6.57%
Lease Rate
$16.20 /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%
$351,640
Cap Rate 7%
$251,171
Cap Rate 9%
$195,356
Alternative Uses
Best Use
Apartment 5plus
$251.2K
$219.8K – $293.0K
NOI $17,582 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.6K
$487.0K – $649.3K
NOI $38,959 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 13480, NY
3,231
Population
1,436
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
96%
High-School Grad
54.8 sq mi
ZIP Area
59
Density / Sq Mi
$78,125
Median Household Income
$43,866
Median Earnings
$880
Median Rent
$168,100
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?
Short term rental property - Furnished studio apartments offer individual baths, kitchen appliances, window A/C, on-site laundry, and paved parking.
Where is this short term rental property located?
The property is located at 7373 Rt 20 Waterville, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 8 studio apartments with furnishings, supplies, and contents included; 2,112 square feet on a 0.48‑acre parcel; Units 1, 2, 7, and 8 include stoves; all units have full baths
