Tenant-Occupied 5-Unit Apartment
For Sale
$282,900
Pending
619 Plant Street Unit 5, Utica, NY 13502
Turnkey investment property with income potential in a growing neighborhood.
Property Size2,998 SF
Days on Market861
Property Features for 619 Plant Street Unit 5
General Information
Standard status
Pending
Size
2,998 SF
Property subtype
Residential Income / Commercial
Net Operating Income
$16,850
Taxes and HOA fees
Annual Taxes
$3,375
Amenities
Window Units, Wall Units
Gas, Radiant, Steam
Full
Hardwood, Luxury Vinyl, Tile, Varies
Gas Oven, Gas Range, Gas Water Heater, Refrigerator
Yes
No
7
Ceiling Fans, Natural Woodwork
Asphalt, Shingle
Partial
2
Blacktop Driveway, Dirt Driveway, Fence, Gravel Driveway, Private Yard, See Remarks
Other, See Remarks
Building Details
Year Built
1900
Listing Agency:
eXp Realty
Listed By:
Philip Rosa · License #10401374915
(315) 796-2811
Source:
Compass
Added: Jun 9, 2024
Changed: Oct 11
Last Checked: Oct 16 at 10:34AM
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 eXp Realty
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Investment Insights
Based on property information with market context.
This tenant-occupied 5-unit apartment building presents an investment opportunity in a burgeoning neighborhood favored by students. The property comprises a mix of unit types, including one 3-bedroom unit, two 1-bedroom units, and one studio apartment, totaling 7 beds. Two units are available for immediate occupancy. The tenants are compliant and hold month-to-month leases. The property has undergone recent upgrades. Its location offers proximity to conveniences, including a new Downtown Hospital, potentially attracting travel workers seeking housing. The property is suitable for owner-occupancy or short-term rentals. The property offers potential for increased rental income by achieving market rents for all units, potentially generating up to $6,000 per month or $70,000 annually. Sober living and student rentals are viable options for this property.
Key Highlights
- Turnkey 5‑unit apartment building in a burgeoning neighborhood, offering immediate rental income potential.
- Two units are vacant and ready for immediate occupancy, allowing for flexible rental strategies.
- Potential for high cash‑on‑cash return with market rent estimated up to $6,000/month ($70,000/year).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,957
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$499,140
$499.1K
Cap Rate 7%
$356,529
$356.5K
Cap Rate 9%
$277,300
$277.3K
Market Conditions
NOI Build-Up for 2,998 SF
Gross rent
$48.6K $16.20/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$45.4K $15.14/SF
− OpEx
−$20.4K −$6.81/SF
NOI
$25.0K $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%
$499,140
Cap Rate 7%
$356,529
Cap Rate 9%
$277,300
Alternative Uses
Best Use
Apartment 5plus
$356.5K
$312.0K – $416.0K
NOI $24,957 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$790.0K
$691.3K – $921.7K
NOI $55,302 @ 7.0% cap · market cap 19.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 13502, NY
33,990
Population
15,337
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
51.4 sq mi
ZIP Area
661
Density / Sq Mi
$59,530
Median Household Income
$36,927
Median Earnings
$965
Median Rent
$149,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey investment property with income potential in a growing neighborhood.
Where is this apartment building located?
The property is located at 619 Plant Street Unit 5 Utica, NY.
What is the asking price?
The asking price for this property is $282,900.
What are key features of this property?
This property features: Turnkey 5‑unit apartment building in a burgeoning neighborhood, offering immediate rental income potential.; Two units are vacant and ready for immediate occupancy, allowing for flexible rental strategies.; Potential for high cash‑on‑cash return with market rent estimated up to $6,000/month ($70,000/year).
