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Shawn Cregg

creggrealty@gmail.com +1(315) 391-3806

$2,800,000

Est. payment - /mo

19,160 SqFt

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Key Details

Property Type Commercial

Sub Type Business

Listing Status Active

Purchase Type For Sale

Square Footage 19,160 sqft

Price per Sqft $146

MLS Listing ID R1684444

Construction Status Existing

HOA Y/N No

Year Built 1988

Annual Tax Amount $44,554

Lot Size 0.940 Acres

Acres 0.94

Lot Dimensions 274X115

Property Sub-Type Business

Property Description

Neahwa Park Apartments at 70 Market Street offers a rare blend of history, stability, and optionality in the vibrant City of Oneonta. This well-located, fully compliant, 24-unit building generates strong cash flow, with a clear path to materially higher income. The property currently produces revenue of approximately $29,546 per month and expected to be roughly $354,552 annually. The fundamentals are already in place whether your strategy is a long-term hold, a refinance, student housing or hybrid conversion, a blend of short term rental and long term, or eventual redevelopment. Originally built as a freight warehouse for the Delaware & Hudson (D&H) Railroad, the iconic brick building was converted to residential use in the 1990s. The building includes 63-bedrooms, 19,160 square feet, set on 0.94 acres across two adjacent parcels (with room to add wing to the structure). Another adjacent mixed use property available for sale offers development options. The conservative long-term-rental pro forma still pencils to $224,735 of NOI and an 8.03% cap rate. Ownership refined this property over two decades, and the sale conveys an established operating platform: TurboTenant property-management software, assigned and guest parking behind a fenced perimeter, and a communal Speed Queen laundry. A new fire-alarm system with two outdoor pull stations report directly to dispatch (2025), a flat roof roughly three years old, a four-year-old concrete deck, new lower-level windows, and a multi-camera system. About 80% of in-unit appliances, hot-water tanks, ovens, refrigerators, and dishwashers have been replaced within the last one to three years. Up to date Certificate of Substantial Compliance for all 24 units and an active City short-term-rental permit. Located in a designated Opportunity Zone (OZ 2.0). Walkable to SUNY Oneonta and Hartwick College, A.O. Fox Hospital, Main Street's shops and restaurants, the Foothills Performing Arts Center, and OPT bus lines, and it sits directly beside Neahwa Park and its ballfields, with quick access to Interstate 88. Short drive to Allstar Village baseball park for excellent short term rental options.

Location

State NY

County Otsego

Area Oneonta-City-361200

Zoning MMU

Interior

Heating Electric, Separate Meters, Baseboard

Cooling Separate Meters

Inclusions Land, Building and Business, Other - See Remarks

Fireplace No

Exterior

Utilities Available Sewer Connected

Roof Type Asphalt,Membrane,Rubber

Total Parking Spaces 30

Building

Lot Description Irregular Lot

Story 3

Sewer Public Sewer

Structure Type Brick

Construction Status Existing

Schools

School District Oneonta

Others

Tax ID 300.6-2-30.1

Security Features Fire Sprinkler System

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

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Listed by The Holscher Group 607-376-7505

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Shawn Cregg

+1(315) 391-3806

NY Agent License ID: 10401284942

70 Market ST Oneonta, NY 13820

Shawn Cregg

Key Details

Location

Interior

Exterior

Building

Schools

Others

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