112 South StGroton, NY 13073

Property Details for 112 South St

Year built

1918

Lot size

0.31 AC

Property size (Sq ft)

4,797 SF

Property type

Apartment buildings

Description

This exceptional 5-unit apartment building, located at 112 E South St, Groton, NY 13073, presents a compelling investment opportunity. Built in 1918, this two-story structure boasts a total of 4,797 square feet situated on a 0.314-acre lot. The property comprises three 3-bedroom units and two 2-bedroom units, offering a diverse mix of living spaces. Three of the 3-bedroom units feature desirable vent/skylights. A recent remodel and the addition of a sprinkler system ten years ago ensure the building is well-maintained and equipped with modern safety features. A charming creek runs through the backyard, providing a picturesque amenity for tenants. The property enjoys a prime location, offering tenants convenient walkability to local restaurants, a bakery, bank, coffee shops, and various stores. Ample parking is also available. Currently, four of the five units are occupied, with the fifth unit undergoing remodeling and projected to increase gross annual rent to $88,000 upon completion. The property offers a strong net operating income (NOI) of $61,947 and an attractive cap rate of 11.06%. This well-managed building represents a solid investment with significant potential for future growth and strong rental income. The asking price is $560,000.

Location Insight

City

Groton

County

Tompkins

State

New York

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