457 Leslie RdMassena, NY 13662

For Sale
$9,000,000

90 Units, 6.87% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a 90-unit apartment complex in Massena, NY, boasting a strong 6.87% cap rate. The property comprises twelve buildings totaling 99,726 square feet, strategically located within a quarter-mile radius. Currently, 94% occupied, the complex features 81 traditional apartments and nine units successfully operating as Airbnbs. Each unit includes modern amenities such as a washer/dryer, dishwasher, full-size refrigerator/freezer, range/stove, window A/C unit, and hot water tank. Many units feature luxury vinyl plank flooring and ample closet space, including numerous walk-in closets. Residents enjoy convenient access to on-site parking with 154 surface spaces and eight garage units. Two locations offer workout rooms for tenant use. The property benefits from all-electric units with individual meters, allowing tenants to pay utilities directly to the municipal provider at a low rate of 8.84 cents/kWh. Landlord responsibilities include water, trash, and sewer (where applicable), with 88 of the 90 units connected to public sewer. The asking price is $9,000,000, reflecting a price per square foot of $90.25. Built between 1980 and 2006, the complex has undergone significant capital expenditures in recent years, including roof replacements, kitchen renovations, siding upgrades, and flooring improvements. This well-maintained, family-owned property offers a compelling return on investment with its high occupancy rate and attractive amenities. The property's financial performance is further supported by a Net Operating Income (NOI) of $618,259. Detailed financial information is available upon request.

Highlights

  • $9,000,000 asking price for a 90-unit apartment building in Massena, NY.
  • 162 parking spaces (154 surface, 8 garage) are available.
  • All-electric units with individual meters; tenants pay utilities directly to the municipal utility at a low rate of 8.84 cents/kWh. Landlord pays water, trash, and sewer (where applicable).
  • 88 of 90 units are connected to the public sewer system.
  • Each unit includes a washer/dryer, dishwasher, full-size refrigerator/freezer, range/stove, window A/C unit, and hot water tank. Two locations offer workout rooms.
  • Most units feature luxury vinyl plank (LVP) flooring and large closets, including many walk-in closets.

Property Details for 457 Leslie Rd

Property type
Multifamily properties, Apartment buildings
Square Feet
99,726 SF
Class
B
Year Built
1980
Buildings
12

Location Insight

City
Massena
County
St. Lawrence
State
New York
Latitude
44.9462836
Longitude
-74.8566644
457 Leslie Rd, Massena, New York

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457 Leslie Rd
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