Building Details

Building Size 2,904 SF

Year Built 1850

Buildings 1

Stories 2

Units 3

Tenancy Multi

Listing Agency: High Falls Sotheby's International Realty

Listed By: Robert Piazza Palotto · License #10311210084 Show Phone

Source: Elliman

Added: Sep 24 Last Checked: Sep 24 at 3:08PM

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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 High Falls Sotheby's International Realty

Investment Insights

Based on property information with market context.

Built in 1850, this Spencerport property contains three separate residences: one with two bedrooms and one bathroom, plus two with one bedroom and one bathroom each. The two smaller units are rented, while the two-bedroom residence is owner-occupied. Updates include refreshed kitchens and bathrooms, newer mechanical systems, and partial roof replacement. Separate utilities, laundry hookups, off-street parking, and two front porches are among the property’s features.

At 96 West Ave, the property is in the Village of Spencerport and served by Spencerport schools. Village amenities are accessible nearby.

Key Highlights

• Three units: one 2‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath residences
• Built in 1850
• Two units are rented to long‑term tenants; the 2‑bedroom residence is owner‑occupied

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

$27,071

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

9.03%

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%

$541,420 $541.4K

Cap Rate 7%

$386,729 $386.7K

Cap Rate 9%

$300,789 $300.8K

Market Conditions

NOI Build-Up for 2,904 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

$40.1K $13.80/SF

− Vacancy

−$1.4K −$0.48/SF

EGI

$38.7K $13.32/SF

− OpEx

−$11.6K −$4.00/SF

NOI

$27.1K $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%

$541,420

Cap Rate 7%

$386,729

Cap Rate 9%

$300,789

Alternative Uses

Best Use

Multifamily LT 5

$386.7K

$338.4K – $451.2K (±1% cap)

NOI $27,071 @ 7.0% cap · market cap 9.03%

Second Best

Apartment 5plus

$349.3K

$305.7K – $407.5K (±1% cap)

NOI $24,452 @ 7.0% cap · market cap 8.15%

Theoretical Best

Specialty Retail

$557.5K

$487.8K – $650.4K (±1% cap)

NOI $39,024 @ 7.0% cap · market cap 13.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Building Supply Barber Shop (Bike/Boat/Book/etc) Store Electrical Service Locksmith Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

443

Businesses Nearby

Explore this area Business Placement

Demographics for 14559, NY

17,964

Population

7,412

Households

2.4

Avg Household Size

45

Median Age

39%

College-Educated

94%

High-School Grad

43.7 sq mi

ZIP Area

411

Density / Sq Mi

$91,021

Median Household Income

$50,216

Median Earnings

$1,150

Median Rent

$218,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Separate utilities, laundry connections, and off-street parking serve the property's three residences.

Where is this triplex located?

The property is located at 96 West Ave Ogden, NY.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Three units: one 2‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath residences; Built in 1850; Two units are rented to long‑term tenants; the 2‑bedroom residence is owner‑occupied