200 Prospect St Herkimer, NY 13350

This four-story, 40,030-square-foot apartment building, located at 200 N Prospect St, Herkimer, NY 13350, presents a compelling value-add investment opportunity. The property, built in 1929 and renovated in 1976, boasts 58 units with a current occupancy rate of 91.2%. The asking price is $3,250,000, translating to $56,034.48 per unit and $81.19 per square foot. The property generates a current NOI of $260,329, representing an 8.01% cap rate, with a pro-forma NOI of $288,548 and a pro-forma cap rate of 8.88%. Situated on a 0.55-acre lot in the C-3 Central Commercial District, the complex includes 15 parking spaces and features amenities such as coin-operated laundry facilities, on-site property management, and a computerized video security system. The building offers a mix of studio and one-bedroom apartments, many with full-size kitchens, built-in air conditioning, and large closets. An attractive assumable debt option is available with a current loan balance of $2,006,000, a 4.16% interest rate, and a monthly payment of $11,067.23. Over $450,000 in renovations have been completed since 2018, including kitchen and bathroom upgrades, window replacements, and electrical and plumbing updates. The property's location is less than a mile from the New York State Thruway (I-90), offering convenient access to Syracuse and Albany.