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 - expected to be roughly $354,552 annually. Whether your strategy is a long-term hold, a refinance, a student-housing or hybrid conversion, a blend of short term rental and long term, or eventual redevelopment, the fundamentals are already in place. 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 0.95 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. Update 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.

Property Features

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