508 Brighton AveSyracuse, NY 13205

For Sale
$2,850,000

38 Units, High Occupancy, Strong NOI

Overview

Added:
Dec 11, 2024
Days on market:
96
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.

Highlights

  • 38-unit apartment complex comprised of identical two-bedroom, one-bathroom townhome-style units.
  • 14 garage bays and ample resident parking.
  • Each unit features a first-floor living room with hardwood floors, full kitchen, and private basement; upstairs are two bedrooms and a full bath; individual furnaces, water heaters, gas, and electric meters.
  • Tenants pay all utilities except water/sewer.
  • High occupancy rate with minimal vacancy.
  • Offered at $2.85M, representing a 10.58% capitalization rate.

Property Details for 508 Brighton Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
28,032 SF
Class
C
Year Built
1945
Buildings
8
Stories
2
Units
38

Location Insight

City
Syracuse
County
Onondaga
State
New York
Latitude
43.0202108
Longitude
-76.1535041
508 Brighton Ave, Syracuse, New York

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508 Brighton Ave
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