25-Unit Brick Apartment
New
For Sale
$999,000
332 Blandina St, Utica, NY 13501
Residents cover their own electricity, while heat and cold water are included in rent.
Property Size5,328 SF
Days on Market4
Property Features for 332 Blandina St
General Information
Standard status
Active
Size
5,328 SF
Property subtype
Multi Family
Units
Unit Mix
13 x 2BR/1BA, 12 x 1BR/1BA
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$38,640
Amenities
paved parking lots
EV charging station
Building Details
Building Size
5,328 SF
Year Built
1997
Buildings
3
Stories
3
Units
25
Construction
brick
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Merima Smajic · License #10301216989
(315) 272-3730
Source:
Elliman
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 9:56AM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This Utica apartment portfolio comprises three brick buildings constructed in 1997, with 25 apartments in total. The unit mix includes 13 two-bedroom, one-bathroom apartments and 12 one-bedroom, one-bathroom apartments. Heat and cold water are included in rent; tenants pay for electricity.
The properties extend across nearly a full city block and include two paved parking areas, one equipped with an EV charging station. The offering encompasses multiple addresses on Blandina Street, First Street, and Lansing Street.
The properties extend across nearly a full city block and include two paved parking areas, one equipped with an EV charging station. The offering encompasses multiple addresses on Blandina Street, First Street, and Lansing Street.
Key Highlights
- 25 apartments: 13 two‑bedroom, one‑bathroom units and 12 one‑bedroom, one‑bathroom units
- Three brick buildings, built in 1997
- Two paved parking lots, including an EV charging station
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
$44,354
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
4.44%
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%
$887,080
$887.1K
Cap Rate 7%
$633,629
$633.6K
Cap Rate 9%
$492,822
$492.8K
Market Conditions
NOI Build-Up for 5,328 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
$86.3K $16.20/SF
− Vacancy
−$5.7K −$1.06/SF
EGI
$80.6K $15.14/SF
− OpEx
−$36.3K −$6.81/SF
NOI
$44.4K $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%
$887,080
Cap Rate 7%
$633,629
Cap Rate 9%
$492,822
Alternative Uses
Best Use
Apartment 5plus
$633.6K
$554.4K – $739.2K
NOI $44,354 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,282 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
Explore this area
Business Placement
Demographics for 13501, NY
40,885
Population
17,071
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
78%
High-School Grad
8.8 sq mi
ZIP Area
4,646
Density / Sq Mi
$49,771
Median Household Income
$33,632
Median Earnings
$865
Median Rent
$136,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Residents cover their own electricity, while heat and cold water are included in rent.
Where is this apartment building located?
The property is located at 332 Blandina St Utica, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 25 apartments: 13 two‑bedroom, one‑bathroom units and 12 one‑bedroom, one‑bathroom units; Three brick buildings, built in 1997; Two paved parking lots, including an EV charging station
