Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1138 Rd Tully, NY 13159

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1138 Rd Tully, NY 13159

    View on Map
    • Apartment buildings
    • 26,720 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1138 Rd

    Year built
    1960
    Property size
    26,720 SF
    Property type
    Apartment buildings

    Description

    This exceptional multifamily investment opportunity presents a rare chance to acquire a well-maintained, fully-rented property in the picturesque town of Tully, New York. Located at 1138 North Road, this property boasts a commanding hilltop position on a sprawling 9.3-acre lot, offering stunning views and ample green space. The complex comprises three buildings, featuring a mix of apartment styles: six attached apartments and two separate two-unit houses. Each unit provides comfortable living with three bedrooms. Built in 1960, the buildings are in good condition and currently generate substantial rental income. The property encompasses a total of 26,720 square feet, with ten units, each priced at $96,500, resulting in an overall asking price of $965,000. The price per square foot is $36.12. This represents a strong value proposition, particularly considering the potential for future rental growth in this desirable location. The property's excellent condition, high occupancy rate, and significant acreage make it an ideal investment for those seeking a stable cash flow and a strong return on investment. This is a turnkey opportunity with immediate income potential and significant upside. The property is situated in Onondaga County, New York, with a zip code of 13159.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tully
    County
    Onondaga
    State
    New York
    Longitude
    -76.1096
    Latitude
    42.8255

    Comparable in this City

    • Value Estimation by Request
      1,600 SF

      2065 Song Lk Xing

      CAMPGROUND, RV PARK • 1,600 SF
      2065 Song Lk Xing, Tully, NY 13159-3300
      View Details
    • Value Estimation by Request
      2.46 Acres

      Rte 281

      VACANT COMMERCIAL LAND • 2.46 Acres
      Rte 281, Tully, NY 13159
      View Details
    • Value Estimation by Request
      14.20 Acres

      1924 Barker St

      OFFICE BUILDING • 14.20 Acres
      1924 Barker St, Tully, NY 13159-3037
      View Details
    • Value Estimation by Request
      3.49 Acres

      Lk Rd

      COMMERCIAL (GENERAL) • 3.49 Acres
      Lk Rd, Tully, NY 13159
      View Details
    • Value Estimation by Request
      7,200 SF

      Rte 80

      TRUCK TERMINAL (MOTOR FREIGHT) • 7,200 SF
      Rte 80, Tully, NY 13159
      View Details
    • Value Estimation by Request
      1,710 SF

      2048 Rte 80

      AUTO REPAIR, GARAGE • 1,710 SF
      2048 Rte 80, Tully, NY 13159
      View Details

    Similar Nearby for Sale

    • $175,000

      Country Church in Vesper Hamlet

      Church with potential as wedding venue on 3+ acres.
      4863 State Route 80, Tully, NY 13159
      View Details
    • $300,000
      1.04 Acres

      Prime Commercial Land I-81 Exit

      High-visibility commercial land parcel off I-81 exit.
      515 State Route 281, Tully, NY 13159
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1138 Rd
    Tully, NY 13159
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!