200 Prospect StHerkimer, NY 13350

Property Details for 200 Prospect St

Year built

1929

Lot size

0.51 AC

Property size (Sq ft)

40,030 SF

Zone code

C

Property type

Investment properties

Property subtype

Live-work space

APN

213001 120.25-1-17

APU

21300112025117

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $9,944,072

  6.5%

  $9,179,144

  7%

  $8,523,491

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,265,476

  Geo Method

  $5,230,320

• Alternative Use

  Use

  Valuation

  Residential

  $11,382,138

  Hospitality

  $10,425,978

  Educational

  $8,674,291

  Medical

  $8,972,613

  Retail

  $13,493,341

Location Insight

City

Herkimer

County

Herkimer

State

New York

Latitude

43.0263

Longitude

-74.9885

CBSA code

46540

CBSA name

UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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