1801 Butternut StSyracuse, NY 13208

Property Details for 1801 Butternut St

Year built

1940

Lot size

0.27 AC

Property size (Sq ft)

3,424 SF

Zone code

10

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

311500 005.-04-10.0

APU

31150000504100

Description

This exceptional 5,200 square foot retail property, located at 1801 Butternut St in Syracuse, NY (zip code 13208), presents a unique opportunity to acquire a fully equipped and renovated bar. Originally built in 1940, the building underwent a complete remodel in 2019-2020 by VIP Structures, boasting brand new roofing, siding, windows, and structural updates. Never opened to the public due to unforeseen circumstances, this turnkey operation includes all new kitchen equipment: a fire suppression hood, commercial range and flat top, fryers, pizza oven, ice machine, bar coolers, tap system, bar seating, tables, chairs, and walk-in coolers/freezers. A state-of-the-art HVAC system is also in place. The upper level offers a spacious banquet/private party area ready for customization, along with multiple office spaces. Over $625,000 has been invested in this ready-to-open establishment, making it an exceptional value at the asking price of $349,000. This property is situated in Onondaga County and represents a remarkable opportunity for an immediate return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $552,919

  6.5%

  $510,386

  7%

  $473,930

• Comparable approach

  Method

  Valuation

  Relative Method

  $312,810

  Geo Method

  $447,380

• Alternative Use

  Use

  Valuation

  Residential

  $632,879

  Hospitality

  $579,714

  Educational

  $482,315

  Medical

  $498,903

  Retail

  $750,268

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.0755

Longitude

-76.1429

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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