28 Unit Multifamily Upstate NY

Investment Highlights

Rome NY Fully gut renovated 28 key extended stay & Cold storage warehouse in vacant whitebox condition. 6 acres lot. Working class tenants all paying. Extended stay income: 1100-1300 avg rent including utilities. avg 95% occupancy. avg 37k/month RR. NOI 300k. Includes Cold storage warehouse & operating restaurant tenant. Asking 3M for both. Negotiable
Property Highlights
Former Red Carpet Inn, substantially renovated by current ownership
Two parcels totaling approximately 6 acres
Two separate buildings
Online photos are outdated and do not reflect current condition
Asking Price: $3,000,000

Extended-Stay Building

28 units across 2 stories
Currently operated as long-term extended stay
Approximately 95% occupied
Average rents: $1,100–$1,300/month, including utilities
Approximately $31,000/month rent roll
Approximately $75,000 annual expenses
Approximately $294,000 NOI
Building extensively renovated, including new roofs
Common-area kitchen
Coin-operated laundry
Resident lounge
Fitness room
Wireless internet
Refrigerator and microwave in every unit
Surveillance camera system
Primarily working-class, long-term resident base

Second Building

Former nightclub, completely renovated
Converted into warehouse/cold-storage space
Certificate of Occupancy for cold-storage use
Also includes a restaurant with an existing tenant