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    Property profile & analytics

    24 Main St Marcellus, NY 13108-1206

    • Office buildings
    • 3,128 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Apr 15, 2022
    $252,000
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1860169
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Marcellus Mini Mart, LLC / Convenience Store
    • Cornerstone Family Chiropractic / Chiropractor
    • Tax Collector / City Tax Office
    • Marcellus Planning & Zoning / Urban Planning Department
    • No BS Bodywork / Massage Therapist

    Property Details for 24 Main St

    Year built
    1931
    Lot size
    0.09 lot acres
    Property size
    3,128 SF
    Zone code
    05 - COMMERCIAL
    Property type
    Office buildings
    APN
    314001 006.-02-45.1
    APU
    31400100602451

    Description

    This exceptional mixed-use property located at 24 W Main St, Marcellus, NY presents a rare investment opportunity. The 10,966 square foot building sits on a 0.38-acre lot and offers a compelling blend of commercial and residential income streams. The ground floor features two fully leased storefronts, generating substantial rental income. Upstairs, three apartments provide additional revenue. Recent, extensive renovations have significantly enhanced the property's value and appeal. These improvements include complete bathroom gut rebuilds in all three apartments, updated kitchens, new flooring throughout, fresh exterior paint, a newly paved driveway, upgraded insulation, and the installation of a new, separate electrical service for each apartment. Furthermore, some of the building's boilers have been replaced. The property boasts ample on-site parking, a significant advantage in this vibrant village setting. Currently fully leased, the property generates a gross monthly income of just under $6,000, offering a strong return on investment. This turnkey operation requires minimal management and presents a stable, high-yield opportunity for discerning investors seeking a well-maintained, income-producing asset in a desirable location. The combination of commercial and residential income streams provides diversification and resilience in a dynamic market. Don't miss this chance to acquire a prime mixed-use property in the heart of Marcellus.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $310,000
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $476,000
      Market price range: $195k - $479k
      AI Estimate
      $256,000
      Market price range: $84.4k - $282k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $330,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $335,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $320,000
      Change: -3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $285,000
      Change: -14% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Marcellus
    County
    Onondaga
    State
    New York
    Longitude
    -76.3387
    Latitude
    42.9817
    CBSA code
    45060
    CBSA name
    SYRACUSE, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $35,300
    $249,700
    $285,000
    -
    $43,580
    $308,272
    $351,852

    Comparable in this City

    • Value Estimation
      $290,000
      2,880 SF

      2 Main St Sta, Unit A

      PROFESSIONAL BUILDING • 2,880 SF
      2 Main St Sta, Marcellus, NY 13108-1206
      View Details
    • Value Estimation
      $275,000
      1,879 SF

      12 Orange St

      PROFESSIONAL BUILDING • 1,879 SF
      12 Orange St, Marcellus, NY 13108-1216
      View Details
    • Value Estimation
      $255,000
      0.40 Acres

      3 Ss St

      OFFICE BUILDING • 0.40 Acres
      3 Ss St, Marcellus, NY 13108
      View Details
    • Value Estimation
      $365,000
      2,450 SF

      31 Main St

      PROFESSIONAL BUILDING • 2,450 SF
      31 Main St, Marcellus, NY 13108-1225
      View Details
    • Value Estimation
      $265,000
      1,624 SF

      28 Main St

      PROFESSIONAL BUILDING • 1,624 SF
      28 Main St, Marcellus, NY 13108-1226
      View Details
    • Value Estimation
      $220,000
      960 SF

      4323 Slate Hl Rd

      OFFICE BUILDING • 960 SF
      4323 Slate Hl Rd, Marcellus, NY 13108-9511
      View Details

    Similar Nearby for Sale

    • $499,900

      Land For Sale

      Commercial land available for sale.
      4 Slocombe Ave, Marcellus, NY 13108
      View Details
    • Contact for pricing
      4,000 SF

      Mixed-Use Property with Bar/Restaurant

      4000 SF building with bar/restaurant and apartment.
      5 E Main St, Marcellus, NY 13108
      View Details
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    24 Main St
    Marcellus, NY 13108-1206
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    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
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