Furnished Apartment
For Sale
$599,900
7373 State Route 20, Waterville, NY 13480
Eight studio units operate as a furnished short-term rental property with on-site laundry and dedicated parking.
Property Size2,112 SF
Price / SF$284.04
Days on Market181
Property Features for 7373 State Route 20
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Residential Income
Units
Unit Mix
8 x studio
Multifamily Units
8
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$7,276
Amenities
laundry on site
high speed internet
blacktop parking lot
A/C window unit
privacy fence
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice
(315) 794-6090
Listed By:
Martin C. Bell · License #40BE1090095
(315) 794-6090
Source:
Exprealty
Added: Mar 2
Changed: Aug 30
Last Checked: Aug 30 at 12:33AM
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 Assist2Sell Buyers & Sellers 1st Choice
Investment Insights
Based on property information with market context.
This 2,112-property-size apartment building contains eight studio apartments currently operating as an Airbnb. The units are furnished and include full bathrooms, refrigerators, microwaves, flat-screen TVs, and individual window A/C units. Four apartments also include stoves. Supplies and contents are included, while on-site laundry, high-speed internet with an eero boost system, electronic unit door locks, and a water softener support day-to-day operations. Hot water tanks are less than 5 years old, and the privacy fence and water softener were updated in 2025. New electronic door locks for each unit are scheduled for 2026.
The property sits at 7373 State Route 20 in Waterville, NY. Hamilton College, Colgate University, and Morrisville College are each within 15 miles, and the Village of Waterville is approximately 5 minutes away. A blacktop parking lot, added in 2020, provides space for each apartment.
The property sits at 7373 State Route 20 in Waterville, NY. Hamilton College, Colgate University, and Morrisville College are each within 15 miles, and the Village of Waterville is approximately 5 minutes away. A blacktop parking lot, added in 2020, provides space for each apartment.
Key Highlights
- Eight furnished studio apartments with contents and supplies included
- Current Airbnb operation with full bathrooms and individual window A/C units
- Four units include stoves; all units include refrigerators, microwaves, and flat‑screen TVs
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
14
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?
Apartment building - Eight studio units operate as a furnished short-term rental property with on-site laundry and dedicated parking.
Where is this apartment building located?
The property is located at 7373 State Route 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: Eight furnished studio apartments with contents and supplies included; Current Airbnb operation with full bathrooms and individual window A/C units; Four units include stoves; all units include refrigerators, microwaves, and flat‑screen TVs
