1310 Park StSyracuse, NY 13208

Property Details for 1310 Park St

Year built

1965

Property size (Sq ft)

33,570 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained 36-unit apartment complex in Syracuse, NY. Comprising three buildings situated on separate tax parcels, the property boasts a total of 33,570 square feet. Built in 1965 (with one building constructed in 1968), the complex features three floors of residential living in each building. The buildings offer a mix of unit configurations, with 80% of units including electricity in the rent and 20% paying directly to the utility. Heat and hot water are included in rent for all units. Three new NYCERDA-approved boilers are in place. The property enjoys a 100% occupancy rate, generating a strong pro-forma NOI of $245,876 and a 6.5% cap rate. The complex is situated on mostly level sites with ample parking and benefits from public utilities including water, sewer, electricity, gas, and telephone/cable. Typical utility easements are in place. Zoned RA Residential District, the property offers significant potential for future growth and strong returns. The asking price is $3,783,000, or $105,083 per unit. This is a rare opportunity to acquire a stable, high-performing multifamily asset in a desirable location. The property includes three buildings: 1310 Park St (36 units, 11,190 sq ft per building, 200' frontage), 1012-21 Pond St (12 units, 11,664 sq ft, 110' frontage), and 110 Griffiths St (11 units, 11,112 sq ft, 114' frontage). All buildings are three stories.

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.0681

Longitude

-76.1557

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