22-Unit Apartment
For Sale
$2,490,000
121 3rd Street, Rome, NY 13440
Updated residential interiors and a balanced unit mix shape this substantial multifamily property.
Property Size21,501 SF
Price / SF$115.81
Days on Market42
Property Features for 121 3rd Street
General Information
Standard status
Active
Size
21,501 SF
Property subtype
MultiFamily
Listing Agency:
Shamrock Real Estate Inc
(315) 335-3591
Listed By:
Anyssa Harris · License #10311209871
(315) 335-3591
Source:
Nicholcityrealty
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 25 at 9:53AM
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.
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 = 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
$178,988
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
7.19%
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%
$3,579,760
$3.6M
Cap Rate 7%
$2,556,971
$2.6M
Cap Rate 9%
$1,988,756
$2.0M
Market Conditions
NOI Build-Up for 21,501 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
$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 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%
$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
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 authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
