91 Main ST Oneonta, NY 13820
4 Beds
4 Baths
2,132 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Mobile Home
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,132 sqft
Price per Sqft $121
MLS Listing ID R1711127
Style Fourplex
Bedrooms 4
Full Baths 4
Construction Status Existing
HOA Y/N No
Year Built 1900
Annual Tax Amount $2,421
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 40X155
Property Sub-Type Multi Family
Property Description
Four one-bedroom apartments, 100% occupied by long-term, non-student tenants generating $3,035/month ($36,420/year). Actual NOI of $26,721 delivers a 10.32% cap at the $259,000 ask — $64,750 per unit on a 2,132 SF building, every unit over 500 SF.
Long-term comps support $950–$1,050 for comparable one-bedrooms. At a conservative $1,000 per unit, gross rents rise to $48,000 — a 32% increase — lifting NOI to $38,301 and the cap rate to 14.79% with expenses held flat.
Expenses are minimal for a 4-unit. Every apartment carries its own NYSEG gas and electric account; there is no common-area meter to fund. Total operating expenses of $9,699 equal just 27% of current income. Blown-in and fiberglass insulation with natural gas forced hot air keeps tenant heating costs reasonable, and public water and sewer eliminate well and septic reserves.
The location is excellent. The building sits immediately next door to the Oneonta Fire Department — a favorable factor in hazard underwriting — one block from the new multimillion-dollar Oneonta Transit Center and steps from Foothills Performing Arts. SUNY Oneonta and Hartwick College anchor roughly 6,500 students plus faculty, alongside A.O. Fox Hospital and a Southside retail corridor that now includes Starbucks, Dave's Hot Chicken, and many other big name box stores. Student absorption and Cooperstown-driven short-term conversions keep long-term supply persistently tight.
Zoned MU-1 Downtown Mixed-Use, the city's most flexible district: residential at downtown density is a core permitted use, mixed-use conversion is expressly encouraged, most new uses are exempt from off-street parking requirements, and MU-1 is one of only four districts eligible for new short-term rental permits. Dedicated off-street parking and a paved driveway at the rear on a 0.14-acre lot.
Cash, conventional, or seller financing with suitable conditions. Showings by appointment with 48 hours notice; Tuesdays preferred due to tenant constraints.
Location
State NY
County Otsego
Area Oneonta-City-361200
Rooms
Basement Dirt Floor, Full
Interior
Heating Gas, Other, See Remarks, Forced Air
Cooling Other, See Remarks
Flooring Hardwood, Varies, Vinyl
Fireplace No
Appliance Gas Water Heater
Exterior
Utilities Available High Speed Internet Available, Sewer Connected, Water Connected
Roof Type Membrane,Rubber
Porch Open, Porch
Building
Lot Description Rectangular, Rectangular Lot
Story 2
Sewer Connected
Water Connected, Public
Architectural Style Fourplex
Level or Stories Two
Structure Type Blown-In Insulation,Frame,Vinyl Siding
Construction Status Existing
Schools
School District Oneonta
Others
Senior Community No
Tax ID 300.5-5-60.1
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Virtual Tour https://www.youtube.com/watch?v=4VV5vi3m0zY