Updated 22-Unit Multifamily
121 3rd St Rome, NY 13440
121 3rd St, Rome, NY, 13440
$2,490,000
For Sale
$2,490,000
Twenty-two apartments with a mix of one-, two-, and three-bedroom units, with extensive updates including kitchens, baths, flooring, and windows.
Property Size21,000 SF
Price / SF$118.57
Days on Market20
Property Features for 121 3rd St
General Information
- Standard status
- Active
- Size
- 21,000 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1877
Listing agency
Shamrock Real Estate Inc
(315) 335-3591
Listed by
Anyssa Harris · License #10311209871
(315) 335-3591
Source
Elliman
Added: Jul 2 Updated: Jul 20 at 8:23PM Checked: Jul 21 at 6:35AM
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 Shamrock Real Estate Inc
Investment Insights
Based on property information with market context.
This 22-unit multifamily building offers a varied unit mix including 18 one-bedroom units, 2 two-bedroom units, and 2 three-bedroom units. Public remarks indicate extensive updates throughout the property, with nearly all apartments featuring updated kitchens and bathrooms, along with updated flooring and windows.
The exterior has also been improved with a brand new facade. Walk and bike accessibility are noted in the public remarks, with walkScore listed at 71 (Very Walkable) and bikeScore listed at 55 (Bikeable).
The overall configuration and reported upgrade work support a turnkey-style profile for an investor seeking a larger residential income asset with multiple unit types already in place.
The exterior has also been improved with a brand new facade. Walk and bike accessibility are noted in the public remarks, with walkScore listed at 71 (Very Walkable) and bikeScore listed at 55 (Bikeable).
The overall configuration and reported upgrade work support a turnkey-style profile for an investor seeking a larger residential income asset with multiple unit types already in place.
Key Highlights
- 22‑unit multifamily building with 21,000+ SF of residential space
- Unit mix includes 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom apartments
- Extensive updates throughout, with nearly all apartments featuring updated kitchens and bathrooms
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 | $340.2k | $16.20 |
| − Vacancy | −$22.4k | −$1.06 |
| EGI | $317.8k | $15.14 |
| − OpEx | −$143.0k | −$6.81 |
| NOI | $174.8k | $8.32 |
21,000 SF · lease $16.20/SF/yr · vacancy 6.57% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.91M
NOI $174,817 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.53M
$4.84M – $6.46M
NOI $387,374 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
121 Third Street ...
Apartment Complex
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Twenty-two apartments with a mix of one-, two-, and three-bedroom units, with extensive updates including kitchens, baths, flooring, and windows.
Where is this apartment building located?
The property is located at 121 3rd St 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 building with 21,000+ SF of residential space; Unit mix includes 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom apartments; Extensive updates throughout, with nearly all apartments featuring updated kitchens and bathrooms
