Nine-Unit Apartment
For Sale
$695,000
88 Lewis St, Pulaski, NY 13142
Two apartment buildings provide a mix of river-view residences with on-site parking and an additional parcel included.
Property Size6,144 SF
Price / SF$113.12
Days on Market459
Property Features for 88 Lewis St
General Information
Standard status
Active
Size
6,144 SF
Property subtype
General Commercial
Units
Unit Mix
4 x 2BR/1BA, 5 x 2BR
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$16,003
Amenities
Electric
3
Vinyl, Carpet, Linoleum
Asphalt
COM 1
Water Access. Waterfront.
18 Parking Spaces.
Irregular
River Access, Stream. Irregular.
Building Details
Year Built
1980
Buildings
2
Listing Agency:
Hunt Real Estate ERA
(315) 383-0352
Listed By:
Jaclyn Thomas · License #10301217343
(315) 383-0352
Source:
Xome
Added: May 29, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:41AM
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 Hunt Real Estate ERA
Investment Insights
Based on property information with market context.
This multifamily property comprises two apartment buildings with nine income-producing residences. The first building contains four two-bedroom, one-bath apartments, while the second adds five more two-bedroom units. Interior finishes include vinyl, carpet, and linoleum, with electric service and an asphalt parking area providing 18 spaces. The buildings were constructed in 1980.
The property is located at 88 Lewis St in Pulaski, New York, with views toward the Salmon River and stated water access. The offering also includes a separate 1.60-acre parcel at the end of Box Street. Together, the apartment buildings and additional land create a multi-building residential holding with river-oriented surroundings and supplemental outdoor space.
The property is located at 88 Lewis St in Pulaski, New York, with views toward the Salmon River and stated water access. The offering also includes a separate 1.60-acre parcel at the end of Box Street. Together, the apartment buildings and additional land create a multi-building residential holding with river-oriented surroundings and supplemental outdoor space.
Key Highlights
- Nine apartments across two buildings
- Four 2‑bedroom, 1‑bath units in the first building
- Five additional 2‑bedroom apartments in the second building
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
$47,134
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
6.78%
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%
$942,680
$942.7K
Cap Rate 7%
$673,343
$673.3K
Cap Rate 9%
$523,711
$523.7K
Market Conditions
NOI Build-Up for 6,144 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
$90.7K $14.76/SF
− Vacancy
−$5.0K −$0.81/SF
EGI
$85.7K $13.95/SF
− OpEx
−$38.6K −$6.28/SF
NOI
$47.1K $7.67/SF
Area
Oswego County, NY
Vacancy
5.50%
Lease Rate
$14.76 /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%
$942,680
Cap Rate 7%
$673,343
Cap Rate 9%
$523,711
Alternative Uses
Best Use
Apartment 5plus
$673.3K
$589.2K – $785.6K
NOI $47,134 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,784 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 13142, NY
6,323
Population
3,465
Households
1.8
Avg Household Size
43
Median Age
23%
College-Educated
92%
High-School Grad
72.2 sq mi
ZIP Area
88
Density / Sq Mi
$85,000
Median Household Income
$41,152
Median Earnings
$852
Median Rent
$157,500
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 - Two apartment buildings provide a mix of river-view residences with on-site parking and an additional parcel included.
Where is this apartment building located?
The property is located at 88 Lewis St Pulaski, NY.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Nine apartments across two buildings; Four 2‑bedroom, 1‑bath units in the first building; Five additional 2‑bedroom apartments in the second building
