14-16 Watson Place, Utica, NY 13501

The Romar Building - 14 Units Apartment Property

The subject properties are two contiguous parcels consisting of a 13 unit prewar building and single family home joined by a common driveway and parking lot with ample space for tenant cars. The main building consists of (1) Studio, (4) 1 Bedroom units, and (8) 2 Bedroom units and the single family home is a Cape Cod style home with 3 bedrooms and 2 bathrooms. The main apartment building property was renovated a few years ago and features large floor plans with original hardwood floors, coiffured ceilings, and countless original pre-war detail. Each apartment has it's own forced hot air furnace and separate electric meters. Owner has had parking lot and driveway resurfaced and striped, 2 new 75 gallon hot water tanks, and recent roof and chimney work, property has lead paint free certification through Oneida County. From and investment standpoint the property has tremendous upside potential in rents with current rents hovering between 20-30% below market for the area. The current rents are still very attractive with a current cap rate of over 12% (cash on cash 30%+) and with added value this asset could be an even bigger cash cow than it already is. In addition current ownership has been refinanced the property twice with over $100k in equity from both refinances over the past 11 years. This property is a true money make from every investment angle. The future development for the Utica market is very strong, with 2 large scale construction project in progress including a new hospital downtown only a few blocks from the subject property. The second project is a new Nano Scale Micro Chip Manufacturing plant being built a few miles to north, housing is a premium for this growing metropolitan area with an abundant influx in employment.