Updated 22-Unit Multifamily
For Sale
$2,490,000
121 3rd Street, Rome, NY 13440
Twenty-two apartments with a mix of one-, two-, and three-bedroom units, with extensive updates including kitchens, baths, flooring, and windows.
Property Size21,501 SF
Price / SF$118.57
Days on Market62
Property Features for 121 3rd Street
General Information
Standard status
Active
Size
21,501 SF
Property subtype
Multi Family Home
Additional Details
Business Included
Yes
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$11,937
Building Details
Building Size
21,501 SF
Year Built
1877
Stories
2
Units
22
Listing Agency:
Shamrock Real Estate Inc
(315) 335-3591
Listed By:
Anyssa Harris · License #10311209871
(315) 335-3591
Source:
Homeprocny
Added: Jun 24
Changed: Aug 24
Last Checked: Aug 23 at 7:27AM
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
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
$174,817
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
7.02%
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%
$3,496,340
$3.5M
Cap Rate 7%
$2,497,386
$2.5M
Cap Rate 9%
$1,942,411
$1.9M
Market Conditions
NOI Build-Up for 21,000 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
$340.2K $16.20/SF
− Vacancy
−$22.4K −$1.06/SF
EGI
$317.8K $15.14/SF
− OpEx
−$143.0K −$6.81/SF
NOI
$174.8K $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%
$3,496,340
Cap Rate 7%
$2,497,386
Cap Rate 9%
$1,942,411
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Turnkey business
Opportunity
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 - 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 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 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
