Canalfront
For Sale
$474,900
89 Garden Drive, Fairport, NY 14450
Two-unit property with separate utilities, flexible living arrangements, and direct Erie Canal frontage.
Property Size2,868 SF
Price / SF$165.59
Days on Market10
Property Features for 89 Garden Drive
General Information
Standard status
Active
Size
2,868 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,648
Building Details
Building Size
2,868 SF
Year Built
1960
Buildings
1
Listing Agency:
Century 21 APEX
(585) 900-1111
Listed By:
Sharon M. Quataert · License #10491204899
(585) 900-1111
Source:
Highfallssir
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 19 at 3:32PM
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 Century 21 APEX
Investment Insights
Based on property information with market context.
This 2,868-square-foot duplex, built in 1960, includes a three-bedroom, one-bath primary residence and a separate two-bedroom, one-bath apartment. The main unit features a living room, den, formal dining room, and eat-in kitchen, while the second unit provides additional residential space for guests, extended living, or occupancy by a separate household. Each unit has its own utilities.
Located at 89 Garden Drive in Perinton, the property sits directly along the Erie Canal. Fairport Electric serves the property, and the canal setting includes access to waterfront views and wildlife. A dock may be installed, subject to applicable requirements. The two-unit configuration supports owner occupancy with additional residential use or separate use of both living areas.
Located at 89 Garden Drive in Perinton, the property sits directly along the Erie Canal. Fairport Electric serves the property, and the canal setting includes access to waterfront views and wildlife. A dock may be installed, subject to applicable requirements. The two-unit configuration supports owner occupancy with additional residential use or separate use of both living areas.
Key Highlights
- 2,868‑square‑foot duplex on the Erie Canal
- Primary residence includes 3 bedrooms and 1 full bath
- Separate apartment offers 2 bedrooms and 1 full bath
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
$26,735
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
5.63%
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%
$534,700
$534.7K
Cap Rate 7%
$381,929
$381.9K
Cap Rate 9%
$297,056
$297.1K
Market Conditions
NOI Build-Up for 2,868 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
$39.6K $13.80/SF
− Vacancy
−$1.4K −$0.48/SF
EGI
$38.2K $13.32/SF
− OpEx
−$11.5K −$4.00/SF
NOI
$26.7K $9.32/SF
Area
Monroe County, NY
Vacancy
3.50%
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%
$534,700
Cap Rate 7%
$381,929
Cap Rate 9%
$297,056
Alternative Uses
Best Use
Multifamily LT 5
$381.9K
$334.2K – $445.6K
NOI $26,735 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$345.0K
$301.9K – $402.5K
NOI $24,148 @ 7.0% cap · market cap 5.08%
Theoretical Best
Specialty Retail
$550.6K
$481.8K – $642.3K
NOI $38,540 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 14450, NY
42,633
Population
19,054
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
97%
High-School Grad
32.0 sq mi
ZIP Area
1,332
Density / Sq Mi
$109,543
Median Household Income
$62,613
Median Earnings
$1,258
Median Rent
$281,000
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-unit property with separate utilities, flexible living arrangements, and direct Erie Canal frontage.
Where is this duplex located?
The property is located at 89 Garden Drive Fairport, NY.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: 2,868‑square‑foot duplex on the Erie Canal; Primary residence includes 3 bedrooms and 1 full bath; Separate apartment offers 2 bedrooms and 1 full bath
