91 Main Street

**TURNKEY DOWNTOWN QUAD — 10.20% ACTUAL CAP & 14.79% PRO FORMA** Four one-bedroom apartments, 100% occupied by long-term, non-student tenants generating $3,035/month ($36,420/year). Actual NOI of $26,721 delivers a 10.32% cap at the $259,000 ask — $64,750 per unit on a 2,132 SF building, every unit over 500 SF. Long-term comps support $950–$1,050 for comparable one-bedrooms. At a conservative $1,000 per unit, gross rents rise to $48,000 — a 32% increase — lifting NOI to $38,301 and the cap rate to 14.79% with expenses held flat. Expenses are minimal for a 4-unit. Every apartment carries its own NYSEG gas and electric account; there is no common-area meter to fund. Total operating expenses of $9,699 equal just 27% of current income. Blown-in and fiberglass insulation with natural gas forced hot air keeps tenant heating costs reasonable, and public water and sewer eliminate well and septic reserves. The location is excellent. The building sits immediately next door to the Oneonta Fire Department — a favorable factor in hazard underwriting — one block from the new multimillion-dollar Oneonta Transit Center and steps from Foothills Performing Arts. SUNY Oneonta and Hartwick College anchor roughly 6,500 students plus faculty, alongside A.O. Fox Hospital and a Southside retail corridor that now includes Starbucks, Dave's Hot Chicken, and many other big name box stores. Student absorption and Cooperstown-driven short-term conversions keep long-term supply persistently tight. Zoned MU-1 Downtown Mixed-Use, the city's most flexible district: residential at downtown density is a core permitted use, mixed-use conversion is expressly encouraged, most new uses are exempt from off-street parking requirements, and MU-1 is one of only four districts eligible for new short-term rental permits. Dedicated off-street parking and a paved driveway at the rear on a 0.14-acre lot. Cash, conventional, or seller financing with suitable conditions. Showings by appointment with 48 hours notice; Tuesdays preferred due to tenant constraints.