63 Silver St - Apartments FOR SALE


Norwich, NY 13815
$449,900 USD
607-222-2647
63 Silver St, Norwich, NY for Sale
$449,900 USD
Apartments - FOR SALE
1/37
null | Request Cap Rate

63 Silver St
Norwich, NY 13815


OVERVIEW

Virtual Tour A rare TURNKEY, FULLY FURNISHED INCOME OPPORTUNITY, which blends short-term vacation rentals (via Airbnb/VRBO) with extended-stay professional housing. For investors seeking IMMEDIATE INCOME POTENTIAL, HIGHER RENTS THAN TRADITIONAL, AND A NICHE HOUSING MODEL WITH PROVEN DEMAND. The property is an OPERATIONAL, income-producing hospitality asset with multiple demand streams ALREADY IN PLACE. The property is already FULLY RENOVATED, CONFIGURED, and FURNISHED, eliminating the typical startup costs. The property consists of two fully-furnished adjacent residential properties with 5 total units. These adjacent properties offers larger combined capacity for groups or corporate clients and the ability to separate short and long term guests. EXTENSIVE RENOVATIONS ($300K+) have been completed on the property, including a new roof (63 Silver St), interior framing and sheetrock, new windows/framing and insulation, new installation and renovation of kitchens and baths, new flooring and carpeting, new electric panels and wiring, new plumbing and sewer pipe, new gas pump heating and electric baseboard heaters and on-demand water heaters, new fencing, blacktop driveway, and other improvements. The property received an exterior facelift as part of the City of Norwich's Home Beautification Program (Curb Appeal Program), and is located just around the corner from the city's recently updated Museum District, and close to the hospital and downtown Norwich NY. Typical clients of extended stay rentals in this area include UHS Chenango Memorial Hospital (138-bed regional hospital which just completed a large-scale renovation), NBT Bank, Chobani, and GE Aerospace, Utility Subcontractors, Project-based Workers, as well as insurance placements. There is a high demand for extended stay and traveling nurse/medical staff housing in the area as there are limited rentals and hotels. Airbnb/VRBO rentals are popular in summer months for local tourism, the Chenango Blues Fest, Gus Macker, Colorscape Chenango, Chobani Fall Harvest Market, Chenango County Fair, and numerous other local events. Cooperstown, Colgate University and state parks and lakes are a short distance away.

FOR SALE DETAILS

PRICE

$449,900 USD

PRICE/SF

$130 USD /SF

# OF UNITS

5

PRICE/UNIT

$89,980

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

13,151 SF

ZONING

06

APN/PARCEL ID

081100-136-410-0002-006-000-0000,081100-136-410-0002-007-000-0000

ASK ABOUT THIS PROPERTY

Michelle CollinsHoward Hanna Real Estate ServicesMore Info
607-222-2647

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Michelle CollinsHoward Hanna Real Estate ServicesMore Info
607-222-2647

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.