Triplex Home with Separate
For Sale
$330,000
1007 Morris, Utica, NY 13501
MULTI_FAMILY - Other - Utica, NY
Property Size3,444 SF
Price / SF$95.82
Days on Market103
Property Features for 1007 Morris
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 9, Bathroom 3, Bedroom 5, Basement, Bathroom 1, Bedroom 4, Bedroom 8, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Exterior features
FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Flag Lot, Near Public Transit
Elementary school district
Utica
Middle school district
Utica
High school district
Utica
Subdivision
Utica-City-301600
Standard status
Active
APN
319.61-4-59
Size
3,444 SF
Taxes and HOA fees
Tax Annual Amount
4260
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1935
Floors in Building
3
Number of units
3
Flooring type
Laminate, Carpet, Varies, Tile, Hardwood
Building materials
VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice · Assist-2-Sell
(315) 735-9244
Listed By:
Alen Zekic · License #10401267029
(315) 570-0148
Added: May 11
Changed: Aug 4
Last Checked: Aug 21 at 9:06AM
MLS# S1680521
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 East Utica triplex home offers three spacious three-bedroom apartments with separate utilities. The property provides over 3,444 square feet of living space and includes a basement, multiple bedrooms and bathrooms, and mixed flooring throughout.
Built in 1935, the home features vinyl siding and an asphalt roof. Utilities include natural gas forced-air heating, public water, and a gas water heater. Exterior amenities include a fully fenced yard with a nice-sized backyard and ample parking, plus a newer-built two-car garage.
With separate utilities for each unit, this configuration supports both owner-occupancy and investment use, depending on how you plan to operate the property.
Built in 1935, the home features vinyl siding and an asphalt roof. Utilities include natural gas forced-air heating, public water, and a gas water heater. Exterior amenities include a fully fenced yard with a nice-sized backyard and ample parking, plus a newer-built two-car garage.
With separate utilities for each unit, this configuration supports both owner-occupancy and investment use, depending on how you plan to operate the property.
Key Highlights
- Three three‑bedroom apartments with separate utilities
- Over 3,444 SF of living space
- Fully fenced yard and nice‑sized backyard
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
Multifamily LT 5
$445.6K
$389.9K – $519.9K
NOI $31,193 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$409.6K
$358.4K – $477.8K
NOI $28,670 @ 7.0% cap · market cap 8.69%
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - East Utica triplex with three three-bedroom apartments, separate utilities, and a fully fenced backyard.
Where is this triplex 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 three‑bedroom apartments with separate utilities; Over 3,444 SF of living space; Fully fenced yard and nice‑sized backyard
