151 Parkside AveSyracuse, NY 13207

Property Details for 151 Parkside Ave

Year built

1929

Property size (Sq ft)

2,328 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a two-unit apartment building located at 151-153 Parkside Ave, Syracuse, NY 13207. The property, built in 1929 and extensively renovated in 2019, boasts 2,328 square feet on a 7,840 square foot lot. The building features two stories and is zoned for commercial use. The net rentable area is 2,100 square feet, with each unit offering two large bedrooms, one bathroom, hardwood floors, fireplaces, front and back porches, and access to a detached two-car garage. The asking price is $195,000, representing a price per square foot of $83.76 and a price per unit of $97,500. The property currently generates a Net Operating Income (NOI) of $27,000, resulting in a compelling 13.85% cap rate. Recent upgrades include a renovated first-floor kitchen with new countertops, sink, appliances, toilet, and vanity, as well as upgraded electrical work, refinished hardwood floors, and fresh paint throughout. The exterior was repainted in 2021. Long-term tenants are in place, with the first-floor unit's rent increasing to $1300 per month on September 1st, and the second-floor unit currently renting for $1000 per month. The property's prime location in Syracuse's Strathmore area offers proximity to Onondaga Park. This is a truly turn-key investment with significant potential for positive cash flow. The occupancy date is November 29, 2022. The property is currently owned by Ram Capital Holdings LLC and is offered for sale by owner.

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.0251

Longitude

-76.1628

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