24 Main StMarcellus, NY 13108

Property Details for 24 Main St

Year built

1931

Lot size

0.09 AC

Property size (Sq ft)

3,128 SF

Zone code

05 - COMMERCIAL

Property type

Office properties

Property subtype

Office buildings

APN

314001 006.-02-45.1

APU

31400100602451

Description

This exceptional mixed-use property located at 24 W Main St, Marcellus, NY presents a rare investment opportunity. The 10,966 square foot building sits on a 0.38-acre lot and offers a compelling blend of commercial and residential income streams. The ground floor features two fully leased storefronts, generating substantial rental income. Upstairs, three apartments provide additional revenue. Recent, extensive renovations have significantly enhanced the property's value and appeal. These improvements include complete bathroom gut rebuilds in all three apartments, updated kitchens, new flooring throughout, fresh exterior paint, a newly paved driveway, upgraded insulation, and the installation of a new, separate electrical service for each apartment. Furthermore, some of the building's boilers have been replaced. The property boasts ample on-site parking, a significant advantage in this vibrant village setting. Currently fully leased, the property generates a gross monthly income of just under $6,000, offering a strong return on investment. This turnkey operation requires minimal management and presents a stable, high-yield opportunity for discerning investors seeking a well-maintained, income-producing asset in a desirable location. The combination of commercial and residential income streams provides diversification and resilience in a dynamic market. Don't miss this chance to acquire a prime mixed-use property in the heart of Marcellus.

• CAP approach

  CAP return

  Valuation

  6%

  $505,120

  6.5%

  $466,264

  7%

  $432,960

• Comparable approach

  Method

  Valuation

  Relative Method

  $285,768

  Geo Method

  $408,704

• Alternative Use

  Use

  Valuation

  Residential

  $578,168

  Hospitality

  $529,598

  Educational

  $440,620

  Medical

  $455,773

  Retail

  $685,408

Location Insight

City

Marcellus

County

Onondaga

State

New York

Latitude

42.9817

Longitude

-76.3387

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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