Mixed-Use Building with Private
For Sale
$319,000
98 E Genesee Street, Auburn, NY 13021
Updated lower-level office space includes private offices, reception, and two restrooms with a separate entrance, plus upper-floor residence.
Property Size2,488 SF
Price / SF$128.22
Days on Market104
Property Features for 98 E Genesee Street
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$6,084
Amenities
Central Air, Gas, A/C - Zone, A/C - Other, Ceiling Fan(s)
Full, Walkout
3
Hardwood, Tile, Ceramic Tile, Other
Other
Internet Connection, Washer Hook Ups, Natural Woodwork, Pull Down Attic Stairs
Asphalt, Shingle
Full, Partial
Porch, Enclosed Porch, Covered
Corner Lot. Fenced Yard.
Paved Driveway.
Vinyl, Frame
Rectangular
64X107
Exterior Lighting. Other, Corner, Rectangular.
Building Details
Year Built
1900
Listing Agency:
Howard Hanna Real Estate
(315) 252-4848
Listed By:
Howard Hanna Real Estate
Source:
Xome
Added: May 12
Changed: Aug 23
Last Checked: Aug 23 at 6:08AM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
This updated mixed-use multi-unit building is in move-in condition and well maintained. The lower level is currently used for accounting offices and features two large private offices, a large reception area with storage, a waiting area, one full bathroom and one half bath, and a fully updated eat-in kitchen. Hardwood flooring and woodwork run throughout, with a separate private entrance for the office space.
The second floor offers an open floor plan with a large living room, three generous bedrooms, an updated eat-in kitchen, a bathroom, and laundry. The property also includes a huge attic area and a dry basement for additional storage, along with updated mechanicals including electric, plumbing, and mini splits.
Set on a desirable east-end corner lot, the building provides ample on-site off-street parking and offers visibility for business or owner-occupant use.
The second floor offers an open floor plan with a large living room, three generous bedrooms, an updated eat-in kitchen, a bathroom, and laundry. The property also includes a huge attic area and a dry basement for additional storage, along with updated mechanicals including electric, plumbing, and mini splits.
Set on a desirable east-end corner lot, the building provides ample on-site off-street parking and offers visibility for business or owner-occupant use.
Key Highlights
- Updated mixed‑use multi‑unit with lower‑level office space and an upper‑floor residence
- Lower‑level office features 2 private offices, large reception area with storage, waiting area, full bath and half bath
- Separate private entrance for the lower‑level office space
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
$22,472
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
7.04%
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%
$449,440
$449.4K
Cap Rate 7%
$321,029
$321.0K
Cap Rate 9%
$249,689
$249.7K
Market Conditions
NOI Build-Up for 2,488 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
$34.3K $13.80/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$32.1K $12.90/SF
− OpEx
−$9.6K −$3.87/SF
NOI
$22.5K $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%
$449,440
Cap Rate 7%
$321,029
Cap Rate 9%
$249,689
Alternative Uses
Best Use
Office B
$442.2K
$387.0K – $516.0K
NOI $30,957 @ 7.0% cap · market cap 9.70%
Second Best
Multifamily LT 5
$321.0K
$280.9K – $374.5K
NOI $22,472 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$551.4K
$482.5K – $643.3K
NOI $38,598 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
750
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated lower-level office space includes private offices, reception, and two restrooms with a separate entrance, plus upper-floor residence.
Where is this mixed-use property located?
The property is located at 98 E Genesee Street Auburn, NY.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Updated mixed‑use multi‑unit with lower‑level office space and an upper‑floor residence; Lower‑level office features 2 private offices, large reception area with storage, waiting area, full bath and half bath; Separate private entrance for the lower‑level office space
