726 North James Street Rome, NY 13440

Description

EXCEPTIONALLY UNIQUE INVESTMENT OPPORTUNITY offering possibilities far beyond the typical two-unit rental. While city tax records classify the property as a two-family residence, the income-producing potential tells a MUCH greater! The main level features a spacious 3 bed, 1 bath apartment with both side and rear entrances, creating an ideal setup for owner occupancy or a traditional rental unit. Currently generating $900 per month in rental income, market potential is estimated between $1,200 and $1,800 per month. The front portion of the property operates in a rooming house or hostel-style configuration, offering seven private single-room units, two shared full bathrooms, and a communal kitchen. Each room currently rents for approximately $320 to $350 per month, creating an impressive annual income potential estimated between $32,000 and $38,000. For an owner-occupant, this presents a remarkable opportunity to live comfortably in the three bedroom apartment while benefiting from substantial income generated by the remainder of the property. Several tenants are long-term occupants who would welcome the opportunity to remain, providing valuable continuity for the next owner. Additional improvements include updated vinyl windows throughout, a walk-up attic that is both insulated and well ventilated, and a dry, functional basement housing the mechanical systems. Conveniently located near grocery stores, the post office, dining options, and public transportation, this property offers both accessibility and exceptional versatility for investors and owner-occupants alike. Rome City taxes reflect the inclusion of unmetered water, public sewer, and weekly garbage & green waste pick up for that of a 2 unit rental, making operating costs incredibly economical.