Oneonta Student Rental Portfolio

This portfolio features a package of properties that have been well-maintained and optimized over the years to provide a high volume of positive cash flow. Pride of ownership shines through. After years of investment the owner is retiring. These are not your typical student rentals with deferred maintenance dragging down future profits. Every roof, furnace, and water heater has been replaced during the current owner’s tenure. Students love these properties because they are nice homes to live in and feature off-street parking and on-site laundry while being in “center city” Oneonta, just a short walk or drive from Downtown, Hartwick College and SUNY. Furnished with large flat screen TV’s, sofas, coffee tables, beds (full or queen sized), bed tables, dressers, desks, kitchen table and chairs, microwaves, etc. Furnishings are same or better as seen in virtual tours. The occupancy numbers speak for themselves, between 95% and 100% in the last several years. Costs are low, with taxes and utilities affordable and the big ticket capital improvements already completed. Four of the houses are adjacent to one another on Lawn Avenue. The other four are just blocks away providing efficiencies of scale for management. Website and business name are available for additional fee.

Additional Revenue Opportunities

This is a powerful portfolio builder at an appealing cap rate. Plus, there are easy ways to increase revenue and profits substantially. There are two additional bedrooms that can be rented with a city variance for an additional $14,000+ per year. Plus, four of the houses are eligible for short term rental permits and would make ideal weekly rentals for the uniquely profitable 12 to 13 weeks between the Spring and Fall semesters.

Every summer families from all over the US converge on this area so their kids can compete in weekly national baseball competitions. There are two major baseball camps here which attract around 2,000 teams each summer. These kids are 12 years old and under and are all traveling with their families. While the kids are staying at the camps their families are staying at weekly vacation rentals in the area, and with 11 to 15 players on each team, that has been somewhere between 22,000 and 30,000 families every summer. 

Cooperstown Dreams Park, which is between Oneonta and Cooperstown has hosted 100 teams each week for 13 weeks, but has just increased its season to 16 weeks to accommodate growing demand. Similarly, Cooperstown All-Star Village, which is not in Cooperstown at all but is actually in Oneonta, has brought over 11,000 kids and their families each summer. Notably, last year the 76ers owners bought this facility and 60 adjacent acres, with plans to double its size.

The seller has run the business solo and never had the bandwidth or desire to branch into additional rental opportunities but that low hanging fruit is there for the new owner to harvest!

Projected Short term rental revenue is $90,000+.