Building Details

Building Size 4,200 SF

Year Built 1900

Stories 2

Units 4

Listing Agency: Coldwell Banker Sexton Real Estate

Listed By: Martin Gorton · License #10401284768 Show Phone

Source: Elliman

Added: Oct 16 Changed: Oct 17 Last Checked: Oct 16 at 2:12PM

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Investment Insights

Based on property information with market context.

This four-unit residential property includes two occupied apartments and two vacant apartments. Each unit has its own electric meter, heating unit, and hot water heater. The building has vinyl siding and insulated replacement windows, and the property dates to 1900.

The sale also includes a separate vacant parking lot. The property is located at 715 Blandina St in Utica, New York, where the Walk Score is 87 and the Bike Score is 50.

Key Highlights

• Four apartments: two occupied and two vacant
• Individual electric meter, heating unit, and hot water heater in each apartment
• Sale includes an additional vacant parking lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,963

Cap Rate

9.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$699,260 $699.3K

Cap Rate 7%

$499,471 $499.5K

Cap Rate 9%

$388,478 $388.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,200 SF

Gross rent

$68.0K $16.20/SF

− Vacancy

−$4.5K −$1.06/SF

EGI

$63.6K $15.14/SF

− OpEx

−$28.6K −$6.81/SF

NOI

$35.0K $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 Rate 5%

$699,260

Cap Rate 7%

$499,471

Cap Rate 9%

$388,478

Alternative Uses

Best Use

Multifamily LT 5

$543.4K

$475.5K – $634.0K (±1% cap)

NOI $38,040 @ 7.0% cap · market cap 9.88%

Second Best

Apartment 5plus

$499.5K

$437.0K – $582.7K (±1% cap)

NOI $34,963 @ 7.0% cap · market cap 9.08%

Theoretical Best

Office A

$1.11M

$968.4K – $1.29M (±1% cap)

NOI $77,475 @ 7.0% cap · market cap 20.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Dental Office Skin Care Clinic Real Estate Agency (Bike/Boat/Book/etc) Store Storage Facility Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

1,047

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four apartments have individual electric meters, heating units, and hot water heaters.

Where is this quadplex located?

The property is located at 715 Blandina St Utica, NY.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: Four apartments: two occupied and two vacant; Individual electric meter, heating unit, and hot water heater in each apartment; Sale includes an additional vacant parking lot