Updated 22-Unit Multifamily
121 3rd Street Rome, NY 13440
121 3rd Street, Rome, NY, 13440
$2,490,000
For Sale
$2,490,000
COMMERCIAL - Rome, NY
Property Size21,501 SF
Lot Size0.47 Acres
Price / SF$115.81
Days on Market26
Property Features for 121 3rd Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bedrooms
- 12
- Rooms
- Bedroom 2, Bedroom 3, Bedroom 7, Basement, Bedroom 1, Bedroom 12, Bedroom 8, Bedroom 6, Bedroom 11, Bedroom 4, Bedroom 9, Bedroom 10, Bedroom 5
- Parking features
- Garage
- Exterior features
- Awnings, BlacktopDriveway
- Appliances
- ElectricCooktop, GasWaterHeater, Refrigerator
- Standard status
- Active
- APN
- 301301-242-068-0001-037-000-0000
- Size
- 21,501 SF
- Lot size
- 0.47 Acres
Taxes and HOA fees
- Tax Annual Amount
- 11937
Utilities
- Heating system
- Natural Gas, Forced Air
- Water source
- Public
Building Details
- Year built
- 1877
- Floors in Building
- 2
- Number of units
- 22
- Flooring type
- Vinyl, Varies, Laminate, Carpet
- Building materials
- Brick, Frame
- Roof type
- Metal
Listing Agency
Shamrock Real Estate Inc
(315) 335-3888
7113 E Dominick Street, Rome, NY
Listed by
Anyssa Harris · License #10311209871
(315) 335-3591
Added: Jun 24 Checked: Jul 19 at 9:06 am
MLS# S1655931
Listing URL
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 22-unit multifamily building offers a well-defined residential unit mix, including 18 one-bedroom units, 2 two-bedroom units, and 2 three-bedroom units. The property totals a little over 21,500 square feet of residential space and sits on a 0.47-acre lot. Extensive updates have been completed throughout the building, with nearly all apartments featuring updated kitchens, bathrooms, flooring, and windows. A brand new facade has also been added, giving the exterior a refreshed appearance.
Located at 121 3rd Street in Rome, New York (Oneida County), this property is positioned for buyers seeking a larger-scale rental building. With the majority of major interior components already updated and the exterior improvements newly completed, the asset presents as a turnkey option relative to many older multifamily offerings.
From a tenant or operator fit perspective, the unit mix provides multiple household types, including one-, two-, and three-bedroom layouts. For investors, the combination of a 22-unit scale with widespread in-unit updates and a new exterior facade can reduce near-term capital priorities tied to those components. This is a property designed for those looking to acquire a substantial residential income building where significant improvements have already been addressed.
Located at 121 3rd Street in Rome, New York (Oneida County), this property is positioned for buyers seeking a larger-scale rental building. With the majority of major interior components already updated and the exterior improvements newly completed, the asset presents as a turnkey option relative to many older multifamily offerings.
From a tenant or operator fit perspective, the unit mix provides multiple household types, including one-, two-, and three-bedroom layouts. For investors, the combination of a 22-unit scale with widespread in-unit updates and a new exterior facade can reduce near-term capital priorities tied to those components. This is a property designed for those looking to acquire a substantial residential income building where significant improvements have already been addressed.
Key Highlights
- 22‑unit multifamily with over 21,000 SF of residential space
- Unit mix: 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom units
- Nearly all apartments have updated kitchens, bathrooms, flooring, and windows
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $348.3k | $16.20 |
| − Vacancy | −$22.9k | −$1.06 |
| EGI | $325.4k | $15.14 |
| − OpEx | −$146.4k | −$6.81 |
| NOI | $179.0k | $8.32 |
21,501 SF · lease $16.20/SF/yr · vacancy 6.57% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.56M
$2.24M – $2.98M
NOI $178,988 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,616 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
121 Third Street ...
Apartment Complex
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FAQs
What type of property is this?
Apartment building - For sale 22-unit multifamily property with extensive interior updates and a newly built facade.
Where is this apartment building located?
The property is located at 121 3rd Street Rome, NY.
What is the asking price?
The asking price for this property is $2,490,000.
What are key features of this property?
This property features: 22‑unit multifamily with over 21,000 SF of residential space; Unit mix: 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom units; Nearly all apartments have updated kitchens, bathrooms, flooring, and windows
