Equestrian Property with Indoor
New
For Sale
$650,000
980 Middle Rd 88, Scriba, NY 13126
Established horse property with multiple barns, residential apartments, arenas, fenced pastures, and boarding configurations.
Property Size2,298 SF
Days on Market4
Property Features for 980 Middle Rd 88
General Information
Standard status
Active
Size
2,298 SF
Property subtype
Farm and Ranch Properties
Taxes and HOA fees
Annual Taxes
$6,342
Building Details
Building Size
2,298 SF
Year Built
1900
Stories
2
Listing Agency:
Salmon River Realty
(315) 298-7060
Listed By:
Andrea Wisgo · License #10401344075
(315) 298-7060
Source:
Elliman
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 19 at 12:54PM
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.
This approximately 30-acre equestrian property includes 25 stalls across an upper barn, lower barn, and indoor arena. Improvements include an indoor riding arena, outdoor riding arena, fenced pastures, hay storage, and multiple barn areas. The 30'x60' hay storage barn adds dedicated space for feed and equipment. Arena footing, wooden fencing, LED lighting, additional stalls, and the main barn water line have been updated, with the new water line installed in March 2026.
The main residence was converted to a duplex in 2022, with a 2-bedroom upstairs apartment and a 1-bedroom downstairs apartment. Two additional barn apartments provide an upstairs 2-bedroom unit and a downstairs 1-bedroom/studio-style unit. Three residential units are currently rented, and the property supports both full-care and self-care boarding arrangements. Located at 980 Middle Rd 88 in Scriba, New York, the property combines horse facilities, living accommodations, and acreage in one operation.
The main residence was converted to a duplex in 2022, with a 2-bedroom upstairs apartment and a 1-bedroom downstairs apartment. Two additional barn apartments provide an upstairs 2-bedroom unit and a downstairs 1-bedroom/studio-style unit. Three residential units are currently rented, and the property supports both full-care and self-care boarding arrangements. Located at 980 Middle Rd 88 in Scriba, New York, the property combines horse facilities, living accommodations, and acreage in one operation.
Key Highlights
- Approximately 30 acres with indoor and outdoor riding arenas
- 25 total stalls across the upper barn, lower barn, and indoor arena
- 30'x60' hay storage barn for feed and equipment
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Horse & equestrian property - Established horse property with multiple barns, residential apartments, arenas, fenced pastures, and boarding configurations.
Where is this horse & equestrian property located?
The property is located at 980 Middle Rd 88 Scriba, 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 indoor and outdoor riding arenas; 25 total stalls across the upper barn, lower barn, and indoor arena; 30'x60' hay storage barn for feed and equipment
