508 Brighton AveSyracuse, NY 13205

Property Details for 508 Brighton Ave

Year built

1945

Property size (Sq ft)

28,032 SF

Property type

Apartment buildings

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

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