Two-Unit Apartment
New
For Sale
$169,900
81 Elizabeth St, Auburn, NY 13021
Two residential units offer a compact multifamily configuration with flexible month-to-month occupancy.
Property Size1,464 SF
Days on Market4
Property Features for 81 Elizabeth St
General Information
Standard status
Active
Size
1,464 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,685
Building Details
Building Size
1,464 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
(315) 427-4686
Listed By:
Mandy Saloski
(315) 427-4686
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 11:45AM
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 Mandy Saloski
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two apartments, each with two bedrooms and one bathroom. The property has received updates addressing ordinary wear, and both units are occupied under month-to-month leases. The lower-level residents have maintained a long-term tenancy, while tenants handle lawn care.
The property is positioned near bus routes, shopping, and a laundromat, with Cayuga Lake and Owasco Lake also noted in the surrounding area. Walk Score is 52 and Bike Score is 44, reflecting somewhat walkable and somewhat bikeable conditions.
The property is positioned near bus routes, shopping, and a laundromat, with Cayuga Lake and Owasco Lake also noted in the surrounding area. Walk Score is 52 and Bike Score is 44, reflecting somewhat walkable and somewhat bikeable conditions.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- Built in 1920 with updates addressing wear and tear
- Month‑to‑month tenant leases
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
$13,223
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
7.78%
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%
$264,460
$264.5K
Cap Rate 7%
$188,900
$188.9K
Cap Rate 9%
$146,922
$146.9K
Market Conditions
NOI Build-Up for 1,464 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
$20.2K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$18.9K $12.90/SF
− OpEx
−$5.7K −$3.87/SF
NOI
$13.2K $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%
$264,460
Cap Rate 7%
$188,900
Cap Rate 9%
$146,922
Alternative Uses
Best Use
Multifamily LT 5
$188.9K
$165.3K – $220.4K
NOI $13,223 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$168.3K
$147.3K – $196.4K
NOI $11,782 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$324.5K
$283.9K – $378.5K
NOI $22,712 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
960
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 - Two residential units offer a compact multifamily configuration with flexible month-to-month occupancy.
Where is this duplex located?
The property is located at 81 Elizabeth St Auburn, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; Built in 1920 with updates addressing wear and tear; Month‑to‑month tenant leases
