Updated Two-Unit
New
For Sale
$210,000
223 E Bloomfield St, Rome, NY 13440
Both residences feature refreshed kitchens, bathrooms, flooring, and interior paint, with one apartment currently vacant.
Property Size2,265 SF
Days on Market7
Property Features for 223 E Bloomfield St
General Information
Standard status
Active
Size
2,265 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,747
Building Details
Building Size
2,265 SF
Year Built
1890
Buildings
1
Stories
2
Units
2
Listing Agency:
River Hills Properties
(315) 525-3740
Listed By:
Dana Chirillo · License #10401328023
(315) 525-3740
Source:
Elliman
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 31 at 2:46PM
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 River Hills Properties
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1890, combines a vacant first-floor residence with a tenant-occupied second-floor unit. The lower apartment contains 3 bedrooms and 1 bathroom, along with a renovated kitchen and bathroom, new flooring, and fresh interior paint. Upstairs, the 2-bedroom, 1-bathroom residence also includes an office and has received new kitchen cabinetry, updated flooring, bathroom improvements, and fresh paint.
Sewer lines were replaced approximately three months ago. The property is located near Griffiss Technology Park, Rome Health, shopping, and restaurants. Walk Score is 62, rated Somewhat Walkable, while Bike Score is 54, rated Bikeable.
Sewer lines were replaced approximately three months ago. The property is located near Griffiss Technology Park, Rome Health, shopping, and restaurants. Walk Score is 62, rated Somewhat Walkable, while Bike Score is 54, rated Bikeable.
Key Highlights
- Two‑unit duplex with a vacant first‑floor apartment and a tenant‑occupied second‑floor residence
- First‑floor unit offers 3 bedrooms, 1 bathroom, new flooring, updated kitchen and bath, and fresh paint
- Second‑floor unit includes 2 bedrooms, an office, 1 bathroom, updated cabinetry, flooring, bath, and paint
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
$18,855
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
8.98%
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%
$377,100
$377.1K
Cap Rate 7%
$269,357
$269.4K
Cap Rate 9%
$209,500
$209.5K
Market Conditions
NOI Build-Up for 2,265 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
$36.7K $16.20/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$34.3K $15.14/SF
− OpEx
−$15.4K −$6.81/SF
NOI
$18.9K $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%
$377,100
Cap Rate 7%
$269,357
Cap Rate 9%
$209,500
Alternative Uses
Best Use
Multifamily LT 5
$293.1K
$256.4K – $341.9K
NOI $20,515 @ 7.0% cap · market cap 9.77%
Second Best
Apartment 5plus
$269.4K
$235.7K – $314.3K
NOI $18,855 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$596.9K
$522.3K – $696.4K
NOI $41,781 @ 7.0% cap · market cap 19.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
750
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?
Duplex - Both residences feature refreshed kitchens, bathrooms, flooring, and interior paint, with one apartment currently vacant.
Where is this duplex located?
The property is located at 223 E Bloomfield St Rome, NY.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two‑unit duplex with a vacant first‑floor apartment and a tenant‑occupied second‑floor residence; First‑floor unit offers 3 bedrooms, 1 bathroom, new flooring, updated kitchen and bath, and fresh paint; Second‑floor unit includes 2 bedrooms, an office, 1 bathroom, updated cabinetry, flooring, bath, and paint
