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Building Details

Building Size 21,501 SF

Year Built 1877

Stories 2

Listing Agency: Shamrock Real Estate Inc

Listed By: Anyssa Harris · License #10311209871 Show Phone

Source: Evrealestate

Added: Jun 24 Changed: Oct 10 Last Checked: Oct 14 at 10:16PM

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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 apartment property in Rome, New York, contains 22 residential units totaling 21,501 square feet. The configuration includes 18 one-bedroom apartments, 2 two-bedroom apartments, and 2 three-bedroom apartments, providing a mix of layouts within one building. Nearly all units have received improvements to kitchens, bathrooms, flooring, and windows, while the exterior has been refreshed with a new facade.

Built in 1877, the property is located at 121 3rd St, Rome, NY 13440. Its unit count, residential scale, and completed updates make it a sizable multifamily asset for a purchaser evaluating an established apartment building.

Key Highlights

• 22‑unit multifamily property with 21,501 square feet of residential space
• Unit mix includes 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom apartments
• Nearly all apartments feature updated kitchens, bathrooms, flooring, and windows

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$178,988

Cap Rate

7.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,579,760 $3.6M

Cap Rate 7%

$2,556,971 $2.6M

Cap Rate 9%

$1,988,756 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,501 SF

Gross rent

$348.3K $16.20/SF

− Vacancy

−$22.9K −$1.06/SF

EGI

$325.4K $15.14/SF

− OpEx

−$146.4K −$6.81/SF

NOI

$179.0K $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 Rate 5%

$3,579,760

Cap Rate 7%

$2,556,971

Cap Rate 9%

$1,988,756

Alternative Uses

Best Use

Apartment 5plus

$2.56M

$2.24M – $2.98M (±1% cap)

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 (±1% cap)

NOI $396,616 @ 7.0% cap · market cap 15.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

121 Third Street ... Apartment Complex

Suggested Use

Top Pick Real Estate Agency HVAC Service Bakery Computer & Electronic Repair Storage Facility (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

484

Businesses Nearby

Explore this area Business Placement

Demographics for 13440, NY

41,024

Population

19,286

Households

2.1

Avg Household Size

42

Median Age

23%

College-Educated

88%

High-School Grad

116.5 sq mi

ZIP Area

352

Density / Sq Mi

$65,497

Median Household Income

$43,747

Median Earnings

$863

Median Rent

$155,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Updated residential interiors and a balanced unit mix shape this substantial multifamily property.

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 property with 21,501 square feet of residential space; Unit mix includes 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom apartments; Nearly all apartments feature updated kitchens, bathrooms, flooring, and windows