Apartment Building with Updated
For Sale
$2,490,000
121 3rd Street, Rome, NY 13440
COMMERCIAL - Rome, NY
Property Size21,501 SF
Lot Size0.47 Acres
Price / SF$115.81
Days on Market47
Property Features for 121 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
12
Rooms
Bedroom 8, Basement, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 10, Bedroom 6, Bedroom 4, Bedroom 9, Bedroom 12, Bedroom 11, Bedroom 5
Parking features
Garage
Exterior features
Awnings, BlacktopDriveway
Appliances
ElectricCooktop, GasWaterHeater, Refrigerator
Lot features
Rectangular, Rectangular Lot, Residential Lot
Middle school
Lyndon H Strough Middle
Elementary school district
Rome
Middle school district
Rome
High school district
Rome
Subdivision
Rome-Inside-301301
Standard status
Active
APN
301301-242-068-0001-037-000-0000
Size
21,501 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
11937
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1877
Floors in Building
2
Number of units
22
Flooring type
Laminate, Carpet, Vinyl, Varies
Building materials
Brick, Frame
Roof type
Metal
Listing Agency:
Shamrock Real Estate Inc
(315) 335-3888
Listed By:
Anyssa Harris · License #10311209871
(315) 335-3591
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 9 at 5:06PM
MLS# S1655931
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.
Apartment building for sale at 121 3rd Street, Rome, NY featuring 22 residential units and 21,501 square feet of residential space. The unit mix includes 18 one-bedroom units, 2 two-bedroom units, and 2 three-bedroom units. Nearly all apartments have updated kitchens, bathrooms, flooring, and windows, and the property also includes a brand new facade.
The building sits on a 0.47-acre lot. Construction materials include brick and frame, with a metal roof. Heating is provided by forced air systems using natural gas, and the property is served by public water. Exterior features include awnings and a blacktop driveway, with parking available in the form of a garage.
Interior finishes include laminate, vinyl, carpet, and flooring that varies by unit. Appliances listed include electric cooktop, refrigerator, and gas water heater.
The building sits on a 0.47-acre lot. Construction materials include brick and frame, with a metal roof. Heating is provided by forced air systems using natural gas, and the property is served by public water. Exterior features include awnings and a blacktop driveway, with parking available in the form of a garage.
Interior finishes include laminate, vinyl, carpet, and flooring that varies by unit. Appliances listed include electric cooktop, refrigerator, and gas water heater.
Key Highlights
- 22‑unit apartment building with 21,501 SF residential space
- Unit mix: 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom units
- 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
Lease Details
22
Residential units
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 - 22-unit apartment building with a mix of 1-, 2-, and 3-bedroom units and updated interiors.
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 apartment building with 21,501 SF residential space; Unit mix: 18 one‑bedroom, 2 two‑bedroom, and 2 three‑bedroom units; Nearly all apartments feature updated kitchens, bathrooms, flooring, and windows
