Equestrian Property With Indoor
For Sale
$650,000
88-980 Middle Rd, Oswego, NY 13126
Includes indoor and outdoor arenas, fenced pastures, and four residential apartments.
Property Size2,298 SF
Price / SF$282.85
Days on Market15
Property Features for 88-980 Middle Rd
General Information
Standard status
Active
Size
2,298 SF
Property subtype
Land
Taxes and HOA fees
Annual Taxes
$6,342
Listing Agency:
Salmon River Realty
(315) 298-7060
Listed By:
Andrea Wisgo · License #10311206058
(315) 298-7060
Source:
Exprealty
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 29 at 11:46PM
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 Salmon River Realty
Investment Insights
Based on property information with market context.
Set on approximately 30 acres, this equestrian property includes 25 stalls distributed among an upper barn, lower barn, and indoor arena. Improvements include indoor and outdoor riding arenas, fenced pastures, hay storage, multiple barn areas, and updated arena footing, fencing, and lighting. A 30'x60' hay storage barn provides space for feed and equipment.
Residential improvements include a main residence converted to a duplex in 2022, with a two-bedroom upper apartment and a one-bedroom lower apartment. Two additional apartments are located in the barns: one upstairs two-bedroom unit and one downstairs one-bedroom/studio-style unit. Three residential units are currently rented. The property also includes full-care and self-care boarding arrangements, a new water line to the main barn installed in March 2026, and new hot water tanks in both barn apartments installed in April 2026.
Residential improvements include a main residence converted to a duplex in 2022, with a two-bedroom upper apartment and a one-bedroom lower apartment. Two additional apartments are located in the barns: one upstairs two-bedroom unit and one downstairs one-bedroom/studio-style unit. Three residential units are currently rented. The property also includes full-care and self-care boarding arrangements, a new water line to the main barn installed in March 2026, and new hot water tanks in both barn apartments installed in April 2026.
Key Highlights
- Approximately 30 acres with 25 total stalls across the barns and indoor arena
- Indoor and outdoor riding arenas with fenced pastures
- Main residence converted to a duplex in 2022
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
$18,951
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
2.92%
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%
$379,020
$379.0K
Cap Rate 7%
$270,729
$270.7K
Cap Rate 9%
$210,567
$210.6K
Market Conditions
NOI Build-Up for 2,298 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
$29.0K $12.60/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$27.1K $11.78/SF
− OpEx
−$8.1K −$3.53/SF
NOI
$19.0K $8.25/SF
Area
Oswego County, NY
Vacancy
6.50%
Lease Rate
$12.60 /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%
$379,020
Cap Rate 7%
$270,729
Cap Rate 9%
$210,567
Alternative Uses
Best Use
Multifamily LT 5
$270.7K
$236.9K – $315.9K
NOI $18,951 @ 7.0% cap · market cap 2.92%
Second Best
Apartment 5plus
$251.8K
$220.4K – $293.8K
NOI $17,629 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$458.4K
$401.1K – $534.8K
NOI $32,085 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 13126, NY
35,477
Population
15,668
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
100.7 sq mi
ZIP Area
352
Density / Sq Mi
$63,590
Median Household Income
$30,469
Median Earnings
$992
Median Rent
$134,600
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?
Horse & equestrian property - Includes indoor and outdoor arenas, fenced pastures, and four residential apartments.
Where is this horse & equestrian property located?
The property is located at 88-980 Middle Rd Oswego, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Approximately 30 acres with 25 total stalls across the barns and indoor arena; Indoor and outdoor riding arenas with fenced pastures; Main residence converted to a duplex in 2022
