106 Main StBoonville, NY 13309

Property Details for 106 Main St

Year built

1950

Lot size

3.90 AC

Property size (Sq ft)

15,713 SF

Zone code

C2

Property type

Hospitality properties

Property subtype

Hotels

APN

302601 22.018-1-53

APU

30260122018153

Description

This exceptional mixed-use property, located at 106 Main St, Boonville, NY 13309, presents a compelling investment opportunity. The 1812-built, three-story building underwent a complete renovation in 2021, encompassing new plumbing, electrical systems, HVAC, and roofing. Spanning 18,125 square feet on a 169,884 square foot lot, the property boasts 19 units: 10 studios and 7 one-bedroom apartments, along with two commercial spaces and a brewery. The potential exists to add 5 more residential units. Currently operating at 90% occupancy with 18 tenants, the property generates a substantial Net Operating Income (NOI) of $235,275, representing an 11.20% cap rate. The asking price is $2,100,000, or $110,526.32 per unit and $11.59 per square foot. Individual electric meters are installed, and amenities include a laundry room, fitness center, and building-wide Wi-Fi. Residential units feature kitchenettes, with the landlord covering utilities. Commercial tenants are responsible for their own utilities. The property is zoned C2 and offers a blend of historic character and modern upgrades, making it an attractive and profitable investment. This turnkey property is situated in a prime Boonville location with a proven rental history.

• CAP approach

  CAP return

  Valuation

  6%

  $4,433,558

  6.5%

  $4,092,515

  7%

  $3,800,193

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,857,122

  Geo Method

  $4,824,692

• Alternative Use

  Use

  Valuation

  Residential

  $4,467,838

  Hospitality

  $4,092,515

  Educational

  $3,404,925

  Medical

  $3,522,025

  Retail

  $5,296,550

Location Insight

City

Boonville

County

Oneida

State

New York

Latitude

43.4854

Longitude

-75.3347

CBSA code

46540

CBSA name

UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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