33-Unit Multifamily Investment
For Sale
$2,550,000
317 Fairmount Ave, Jamestown, NY 14701
Well-maintained 33-unit multifamily property with strong occupancy and upgrade potential.
Property Size28,060 SF
Lot Size2.08 Acres
Days on Market164
Property Features for 317 Fairmount Ave
General Information
Standard status
Active
Size
28,060 SF
Lot size
2.08 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$45,456
Building Details
Building Size
28,060 SF
Year Built
1980
Stories
3
Units
33
Listing Agency:
PropertyMatch USA, LLC
(716) 969-0449
Listed By:
Kristien Olson · License #10491206170
(716) 969-0449
Source:
Elliman
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 9 at 11:02PM
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 PropertyMatch USA, LLC
Investment Insights
Based on property information with market context.
This well-maintained 33-unit multifamily community features strong curb appeal, excellent tenant amenities, and consistently above-average occupancy. The property includes 23 two-bedroom apartments and 10 one-bedroom apartments. Many units have been completely remodeled with modern finishes. The building is secure and well-kept, with on-site storage and garage parking available for select units. Residents can enjoy green space and a gazebo area. Professional management has maintained occupancy levels consistently above market averages. This 33-unit property offers stability and value-add potential, generating steady cash flow while still leaving room to capture further upside through the continuation of interior renovations and potential operational efficiencies. It is located in Jamestown, NY.
Key Highlights
- Proven cash flow and value‑add potential through unit renovations.
- Consistently above‑average occupancy maintained by professional management.
- Attractive unit mix: 23 two‑bedroom and 10 one‑bedroom apartments.
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
$212,435
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
8.33%
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%
$4,248,700
$4.2M
Cap Rate 7%
$3,034,786
$3.0M
Cap Rate 9%
$2,360,389
$2.4M
Market Conditions
NOI Build-Up for 28,060 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
$444.5K $15.84/SF
− Vacancy
−$58.2K −$2.08/SF
EGI
$386.2K $13.76/SF
− OpEx
−$173.8K −$6.19/SF
NOI
$212.4K $7.57/SF
Area
Chautauqua County, NY
Vacancy
13.10%
Lease Rate
$15.84 /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%
$4,248,700
Cap Rate 7%
$3,034,786
Cap Rate 9%
$2,360,389
Alternative Uses
Best Use
Apartment 5plus
$3.03M
$2.66M – $3.54M
NOI $212,435 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.40M
$7.35M – $9.80M
NOI $587,913 @ 7.0% cap · market cap 23.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 14701, NY
38,428
Population
19,469
Households
2
Avg Household Size
42
Median Age
25%
College-Educated
90%
High-School Grad
92.6 sq mi
ZIP Area
415
Density / Sq Mi
$50,909
Median Household Income
$34,592
Median Earnings
$769
Median Rent
$98,400
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 - Well-maintained 33-unit multifamily property with strong occupancy and upgrade potential.
Where is this apartment building located?
The property is located at 317 Fairmount Ave Jamestown, NY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Proven cash flow and value‑add potential through unit renovations.; Consistently above‑average occupancy maintained by professional management.; Attractive unit mix: 23 two‑bedroom and 10 one‑bedroom apartments.
