Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    198 Washington St Rome, NY 13440-5815

    • Office buildings
    • 35,832 SF
    • 0.47 lot acres
    OFF-MARKET
    Value Estimations
    $5,310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2042067
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Rome Chief of Staff / City Hall
    • Rome Tax Collections / City Tax Office
    • Rome Deputy Treasurer / City Tax Office
    • Rome Parking Violations / City Government Office
    • Rome Purchasing Department / City Government Office

    Property Details for 198 Washington St

    Year built
    1978
    Lot size
    0.47 lot acres
    Property size
    35,832 SF
    Zone code
    C-3
    Property type
    Office buildings
    APN
    301301 242.050-0002-006
    APU
    3013012420500002006

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,025,000
      6.5%
      $7,410,000
      7%
      $6,880,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,365,000
      Market price range: $1.07M - $5.37M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,610,000
      Current use
      RESTAURANT
      $4,685,000
      Change: +30% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rome
    County
    Oneida
    State
    New York
    Longitude
    -75.4588
    Latitude
    43.2122
    CBSA code
    46540
    CBSA name
    UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $84,000
    $3,659,600
    $3,743,600
    -
    $185,104
    $8,064,345
    $8,249,449

    Comparable in this City

    • Value Estimation by Request
      1,852 SF

      202 Levitt St

      OFFICE BUILDING • 1,852 SF
      202 Levitt St, Rome, NY 13440-2910
      View Details
    • Value Estimation by Request
      0.74 Acres

      1736 Black Riv N Blvd

      PROFESSIONAL BUILDING • 0.74 Acres
      1736 Black Riv N Blvd, Rome, NY 13440-2454
      View Details
    • Value Estimation
      $3,590,000
      6,790 SF

      101 Dominick St, Unit 117

      PROFESSIONAL BUILDING • 6,790 SF
      101 Dominick St, Rome, NY 13440-5809
      View Details
    • Value Estimation
      $2,315,000
      21,242 SF

      108 Gdn St, Unit 10

      OFFICE BUILDING • 21,242 SF
      108 Gdn St, Rome, NY 13440-4304
      View Details
    • Value Estimation by Request
      1,900 SF

      228 Erie E Blvd

      OFFICE BUILDING • 1,900 SF
      228 Erie E Blvd, Rome, NY 13440-6814
      View Details
    • Value Estimation
      $3,065,000
      29,685 SF

      107 Chestnut St, Unit 9

      PROFESSIONAL BUILDING • 29,685 SF
      107 Chestnut St, Rome, NY 13440-2834
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      64,930 SF

      Former School Building For Sale

      64,930 SF former school on 15.10 acres.
      800 Cypress St, Rome, NY 13440
      View Details
    • Contact for pricing
      38,395 SF

      Multi-Tenanted Building on 16 Acres

      38,395 SF multi-tenanted building on over 16 acres.
      8163 Gore Rd, Rome, NY 13440
      View Details
    • Contact for pricing
      5,765 SF

      Restaurant, Bar, Office, Showroom Space

      Former restaurant, bar, office, and showroom available for sale.
      100 Depeyster St, Rome, NY 13440
      View Details
    • $410,000
      4,500 SF

      Prime Rome Office & Retail Space

      Mixed-use building, high-traffic location.
      1001 James St, Rome, NY 13440
      View Details
    • Contact for pricing
      1,680 SF

      Restaurant, Bar, and Office Buildings

      Restaurant, bar, and office spaces available for sale.
      152 Erie Blvd E, Rome, NY 13440
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      29,400 SF

      Rehabilitated Office Building Multifamily Potential

      Three-story office building suitable for multifamily conversion.
      421 Ridge St, Rome, NY 13440
      View Details
    • $2.00 SF/Yr
      744 SF

      Renovated Commercial Building with Options

      Flexible leasing options: office, storefront, and warehouse spaces available.
      310 S James St, Rome, NY 13440
      View Details
    • $1.00 SF/Yr
      8,213 SF

      Renovated Commercial Building in Rome

      Flexible leasing options: office, storefront, and warehouse space available.
      310 S James St, Rome, NY 13440
      View Details
    • Contact for pricing
      2,300 SF

      Office Space Available For Rent

      Office space available for rent, approximately 2,300 square feet.
      1617 N James St, Rome, NY 13440
      View Details
    • Contact for pricing
      3,000 SF

      Office Space in Rome, NY

      3,000 square feet of office space available for lease.
      1901 Rome Westernville Rd, Rome, NY 13440
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    198 Washington St
    Rome, NY 13440-5815
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!