Tenant-Occupied Apartment
For Sale
$282,900
Pending
619 Plant Street Unit 5, Utica, NY 13502
Tenant occupancy, month-to-month leases, and available space support flexible ownership use.
Property Size2,998 SF
Days on Market815
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
(315) 796-2811
Listed By:
Philip Rosa · License #10401374915
(315) 796-2811
Source:
Compass
Added: Jun 9, 2024
Changed: Aug 31
Last Checked: Aug 31 at 12:35AM
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
Investment Insights
Based on property information with market context.
This tenant-occupied apartment building contains 2,998 square feet and dates to 1900. The property includes two units available for immediate occupancy, while current residents occupy the remaining space under month-to-month leases that are paid current. Recent upgrades have been completed, and interior features include hardwood, luxury vinyl, and tile flooring, natural woodwork, ceiling fans, and full bathrooms.
Building systems include gas, radiant, and steam heat, along with window and wall air-conditioning units. Appliances include a gas oven, gas range, gas water heater, and refrigerator. Exterior elements include asphalt and shingle roofing, multiple driveway surfaces, fencing, a private yard, and a combination of fiber cement, vinyl, and wood siding.
The property is located at 619 Plant Street, Unit 5, Utica, NY 13502. Showings require 24 hours’ notice to coordinate with current residents.
Building systems include gas, radiant, and steam heat, along with window and wall air-conditioning units. Appliances include a gas oven, gas range, gas water heater, and refrigerator. Exterior elements include asphalt and shingle roofing, multiple driveway surfaces, fencing, a private yard, and a combination of fiber cement, vinyl, and wood siding.
The property is located at 619 Plant Street, Unit 5, Utica, NY 13502. Showings require 24 hours’ notice to coordinate with current residents.
Key Highlights
- Tenant‑occupied apartment building with 2,998 square feet
- Two units available for immediate occupancy
- Current tenants hold month‑to‑month leases and are paid current
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
$24,957
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
8.82%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - Tenant occupancy, month-to-month leases, and available space support flexible ownership use.
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: Tenant‑occupied apartment building with 2,998 square feet; Two units available for immediate occupancy; Current tenants hold month‑to‑month leases and are paid current
