508 Brighton AveSyracuse, NY 13205
- Residential income properties
- 28,032 SF
Property Details for 508 Brighton Ave
- Year built
- 1945
- Property size (Sq ft)
- 28,032 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
This exceptional investment opportunity presents a 38-unit apartment complex in Syracuse, NY, situated at 508 W Brighton Ave, 13205. The property comprises eight, two-story buildings, totaling 28,032 square feet, constructed in 1945. All 38 units are identical two-bedroom, one-bathroom townhome-style apartments, each featuring a main living area with hardwood floors, a full kitchen, and a full bathroom upstairs. Each unit also includes a private basement, furnace, water tank, and individual gas and electric meters. Tenants are responsible for their own utilities, excluding water and sewer. The property boasts 14 garage bays and ample parking for all residents. Currently operating at a 95% occupancy rate, the property generates a Net Operating Income (NOI) of $301,452, resulting in a 10.58% capitalization rate. Pro-forma NOI is projected at $339,084, yielding an 11.90% pro-forma cap rate. The asking price is $2,850,000, or $75,000 per unit. This well-maintained property offers a compelling investment opportunity with significant potential for future growth. The property's strong performance and high occupancy rate make it an attractive addition to any investment portfolio. This is a rare opportunity to acquire a well-established multifamily property in a desirable location.
Location Insight
- City
- Syracuse
- County
- Onondaga
- State
- New York
- Latitude
- 43.0202
- Longitude
- -76.1535
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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