East Utica Three-Family
For Sale
$330,000
1007 Morris, Utica, NY 13501
Spacious three-family home in East Utica with strong rental potential.
Property Size3,444 SF
Price / SF$95.82
Days on Market110
Property Features for 1007 Morris
General Information
Standard status
Active
Size
3,444 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,260
Building Details
Building Size
3,444 SF
Year Built
1935
Stories
3
Units
3
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice
(315) 570-0148
Listed By:
Alen Zekic · License #10401267029
(315) 570-0148
Source:
Elliman
Added: May 11
Changed: Aug 12
Last Checked: Aug 26 at 10:40AM
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 Assist2Sell Buyers & Sellers 1st Choice
Investment Insights
Based on property information with market context.
This East Utica property offers 3,444 square feet of living space and features three apartments, each with three bedrooms. The property is suitable as an investment or for owner-occupancy, allowing the owner to live in one unit while renting the others. Each apartment has separate utilities. Additional features include ample parking, a backyard of considerable size, and a newer-built two-car garage. The property is conveniently located near local amenities, shopping, schools, and restaurants. The location has a walk score of 48, indicating car-dependence, and a bike score of 42, indicating it is somewhat bikeable.
Key Highlights
- Three spacious 3‑bedroom apartments offering 3,444 sq ft of living space.
- Ideal for owner‑occupants or investors seeking rental income.
- Separate utilities for each apartment.
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
$28,670
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
8.69%
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%
$573,400
$573.4K
Cap Rate 7%
$409,571
$409.6K
Cap Rate 9%
$318,556
$318.6K
Market Conditions
NOI Build-Up for 3,444 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
$55.8K $16.20/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$52.1K $15.14/SF
− OpEx
−$23.5K −$6.81/SF
NOI
$28.7K $8.32/SF
Area
Oneida County, NY
Vacancy
6.57%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$573,400
Cap Rate 7%
$409,571
Cap Rate 9%
$318,556
Alternative Uses
Best Use
Apartment 5plus
$409.6K
$358.4K – $477.8K
NOI $28,670 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$907.6K
$794.1K – $1.06M
NOI $63,529 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 13501, NY
40,885
Population
17,071
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
78%
High-School Grad
8.8 sq mi
ZIP Area
4,646
Density / Sq Mi
$49,771
Median Household Income
$33,632
Median Earnings
$865
Median Rent
$136,100
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?
Multifamily property - Spacious three-family home in East Utica with strong rental potential.
Where is this multifamily property located?
The property is located at 1007 Morris Utica, NY.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Three spacious 3‑bedroom apartments offering 3,444 sq ft of living space.; Ideal for owner‑occupants or investors seeking rental income.; Separate utilities for each apartment.
