402 Mohawk StHerkimer, NY 13350

Property Details for 402 Mohawk St

Year built

1950

Lot size

0.13 AC

Property size (Sq ft)

3,462 SF

Zone code

C2

Property type

Investment properties

Property subtype

Retail residential properties

APN

213001 120.32-1-73.2

APU

213001120321732

Description

This 3,462 square foot mixed-use property at 402 Mohawk Street in Herkimer, NY, presents a compelling redevelopment opportunity. Built in 1950 and extensively renovated in 2022, this single-story building sits on a 0.13-acre lot (APN: 120-032-0001-073-200-0000) and is zoned for commercial use. The property currently features two separate units, ideal for a variety of uses. A recent kitchen installation, costing over $100,000, is included, along with updated HVAC systems and a new $10,000 security system. Outdoor dining is permitted, with the seller owning the first two squares of sidewalk space in front of the building. The roof is approximately 13 years old (tar). The asking price is $175,000 ($50.55/sq ft), and the seller is open to owner financing with a significant down payment. Additionally, the seller is willing to lease the storefront for $1600 per month (utilities included) or the restaurant space for $2600 per month (plus utilities and a two-month security deposit). Located in the heart of Herkimer, this property benefits from its proximity to the New York State Thruway and is poised to capitalize on the village's $10 million Downtown Revitalization Initiative (DRI) grant, designed to stimulate economic growth and community revitalization. This is a rare chance to acquire a versatile property in a thriving, historic community undergoing significant positive change.

• CAP approach

  CAP return

  Valuation

  6%

  $1,066,418

  6.5%

  $984,386

  7%

  $914,072

• Comparable approach

  Method

  Valuation

  Relative Method

  $705,847

  Geo Method

  $701,135

• Alternative Use

  Use

  Valuation

  Residential

  $984,386

  Hospitality

  $901,692

  Educational

  $750,197

  Medical

  $775,998

  Retail

  $1,166,974

Location Insight

City

Herkimer

County

Herkimer

State

New York

Latitude

43.0213

Longitude

-74.9903

CBSA code

46540

CBSA name

UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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