Tenant-Occupied 5-Unit Apartment
For Sale
$282,900
Pending
619 Plant St 5, Utica, NY 13502
Turnkey investment property with income potential in a growing neighborhood.
Property Size2,998 SF
Lot Size0.16 Acres
Days on Market165
Property Features for 619 Plant St 5
General Information
Standard status
Pending
Size
2,998 SF
Lot size
0.16 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,375
Building Details
Building Size
2,998 SF
Year Built
1900
Stories
2
Units
4
Listing Agency:
eXp Realty
(315) 796-2811
Listed By:
Philip Rosa
(315) 796-2811
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 20 at 9:41AM
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 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 = 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 - Turnkey investment property with income potential in a growing neighborhood.
Where is this apartment building located?
The property is located at 619 Plant St 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).
