$575,000
Utica, NY 13501
MLS# 202111566
Status: Closed
22428 sqft
1 / 28
Property Description
Two story, multiple tenant professional office building with 22,428 sf located in the City of Utica. Major cashflow at at 11.28% Cap Rate and 17% cash on cash return. No fuss long term tenants and can easily be managed remotely from long distances. This is a 40-45 year old building consisting of Class B quality construction. Tenant size range is 250 to 4,650 sf. Total net rentable square footage is 18,050 sf with currently 3500 sq/ft vacant. There are 13 tenant suites with an average size of 1,388 sf. Most tenants are long term with annual leases. The owner has made significant improvements and property upgrades since purchase in 2012 including more than $350k on capital improvements including new roof, Chiller/HVAC, complete window and door, exterior renovations and electrical upgrades.
Details
Maps
Contract Information
Original List Price: 549900
Offered Lease/Sqft: 25.64
List Price/SqFt: 24.52
Sold Price/SqFt: 25.64
Status: Closed
Property Sub Type: Mixed Use
Sold Price: $575,000
Listing Contract Date: 2021-01-28
Current Price: $575,000
Location
City/Town (Mail): Utica
Street Number: 287
Street Name: GENESEE
Street Suffix: Street
County: Oneida
State/Province: NY
Postal Code: 13501
Geo Lat: 43.097748
Geo Lon: -75.237592
Property Detail
Stories: 2
Lot Size Dimensions: .68 Acres
Building Area Total: 22428
Building Available SQFT: 18050
Waterfront Y/N: No
Enhanced Accessible Y/N: Yes
Year Built: 1975
Parcel, Tax, HOA
Parcel Number: 301600 318.57-2-47-49-50
Tax Annual Amount: 15531
Tax Section: 318.57
Total Taxes Description: Actual
Tax Block: 2
Tax Lot: 47-49-50
School District: Utica
Association Y/N: No
Directions & Remarks
Directions: Court Street to the south, Route 5/8 overpass to the west, Route 5S to the north and Genesee Street to the east. Genesee Street provides north-south access through the city. About 2 miles north from Interstate Route 90 (NYS Thruway) Exit 31.
Public Remarks: Two story, multiple tenant professional office building with 22,428 sf located in the City of Utica. Major cashflow at at 11.28% Cap Rate and 17% cash on cash return. No fuss long term tenants and can easily be managed remotely from long distances. This is a 40-45 year old building consisting of Class B quality construction. Tenant size range is 250 to 4,650 sf. Total net rentable square footage is 18,050 sf with currently 3500 sq/ft vacant. There are 13 tenant suites with an average size of 1,388 sf. Most tenants are long term with annual leases. The owner has made significant improvements and property upgrades since purchase in 2012 including more than $350k on capital improvements including new roof, Chiller/HVAC, complete window and door, exterior renovations and electrical upgrades.
Sewer
Public Sewer: 1
Architectural Style
Office: 1
Cooling
Air Conditioning (Legacy): HVAC
Building Detail
Office Available SQFT: 3500
Retail Available SQFT: 0
Warehouse Available SQFT: 0
Showing Requirements
Call Listing Agent: 1
Special Listing Conditions
Ownership: No Special Conditions
Standard: 1
Water Source
Public: 1
Heating
Other: 1
See Remarks: 1
Parking Features
Private: 1
Possible Use
Office: 1
Office Plus: 1
Office/Retail: 1
Office/Warehouse: 1
Status Change Info
Status Change Date: 2021-06-30
Under Contract Date: 2021-03-08
Sold Date: 2021-06-28
Sold Price: $575,000
Property Features
Architectural Style: Office
Heating: Other; See Remarks
Parking Features: Private
Possible Use: Office; Office Plus; Office/Retail; Office/Warehouse
Sewer: Public Sewer
Showing Requirements: Call Listing Agent
Special Listing Conditions: Standard
Water Source: Public
Listing Courtesy of The Property Shop
Listing Agent: John M Bevilacqua
518-240-9938 | john.bevilacqua@live.com
518-240-9938 | john.bevilacqua@live.com
