Mixed-Use Property with
New
For Sale
$675,000
929 Calvert Street, Rome, NY 13440
Combined commercial, office, and residential improvements support both owner-user and investment applications.
Property Size3,165 SF
Price / SF$213.27
Days on Market3
Property Features for 929 Calvert Street
General Information
Standard status
Active
Size
3,165 SF
Property subtype
Retail
Building Details
Building Size
3,165 SF
Listing Agency:
Utica Office
(315) 617-2662
Listed By:
Nicholas Cignarale
(315) 617-2662
Source:
Pyramidbrokerage
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 12:50PM
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 Utica Office
Investment Insights
Based on property information with market context.
This mixed-use property contains 3,165 SF across two parcels totaling 0.36 acre. The improvements combine commercial garage space, office areas, and two residential apartments that are currently rented on a month-to-month basis. The layout brings business and residential components together within one property, with existing rental income and flexibility for an owner-user or investor.
Positioned at a corner with more than 100 feet of frontage on Erie Boulevard, the property offers direct commercial exposure and visibility. The combination of garage, office, and apartment space creates a varied physical configuration suitable for multiple ownership strategies.
Positioned at a corner with more than 100 feet of frontage on Erie Boulevard, the property offers direct commercial exposure and visibility. The combination of garage, office, and apartment space creates a varied physical configuration suitable for multiple ownership strategies.
Key Highlights
- 3,165 SF across two parcels totaling 0.36 acre
- Commercial garage space with office areas
- Two (2) residential apartments currently rented on MTM basis
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
$39,879
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
5.91%
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%
$797,580
$797.6K
Cap Rate 7%
$569,700
$569.7K
Cap Rate 9%
$443,100
$443.1K
Market Conditions
NOI Build-Up for 3,165 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
$66.5K $21.00/SF
− Vacancy
−$13.3K −$4.20/SF
EGI
$53.2K $16.80/SF
− OpEx
−$13.3K −$4.20/SF
NOI
$39.9K $12.60/SF
Area
Oneida County, NY
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$797,580
Cap Rate 7%
$569,700
Cap Rate 9%
$443,100
Alternative Uses
Best Use
Office B
$569.7K
$498.5K – $664.7K
NOI $39,879 @ 7.0% cap · market cap 5.91%
Second Best
Mixed Use
$537.1K
$470.0K – $626.7K
NOI $37,600 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$834.0K
$729.8K – $973.1K
NOI $58,383 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
250
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined commercial, office, and residential improvements support both owner-user and investment applications.
Where is this mixed-use property located?
The property is located at 929 Calvert Street Rome, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,165 SF across two parcels totaling 0.36 acre; Commercial garage space with office areas; Two (2) residential apartments currently rented on MTM basis
