Active
1000 Bellevue Avenue
Syracuse NY, 13204
$1,900,000
$89.29 per sqft
Active
18 Beds
21,280 sqft
Commercial
Built in 1940
Welcome to 1000 Bellevue, a meticulously maintained property offering an exceptional investment opportunity. This 18-unit has been thoughtfully managed and optimized for a seamless transition. Extensive work has been done to enhance the property's value and reduce maintenance costs. The pro forma outlines significant revenue growth opportunities. With 16 2-bed units currently renting at $1,100, owner has converted 3 of them into 3 bed units, capturing market rents of $1,380. This leaves the remaining 13 units for the new owner. This will increase rental income by $$4,480 a month and $53,760. Additionally, $21,600 can be added from a basement storage area that can be built out for tenant use per $100 per unit. With a current NOI of $17900 and a pro forma NOI of $240,000, the property offers solid returns. Various cap rate scenarios ranging from 8%-9% present attractive investment options to buy with existing equity already built in. Don't miss this opportunity to acquire a turnkey investment with significant upside.
S1522594
MLSⓇ ID
February 29, 2024
Listed
May 8, 2024
Updated
Map
1000 Bellevue Avenue
Syracuse NY, 13204
Interior Features
Total Stories
4
Bedrooms
18
Appliances
Appliances Negotiable, Gas Water Heater
Floor Description
Other, See Remarks
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Gas, Forced Air
Exterior/Building Features
Lot Size
0.17 Acres
Exterior Features
See Remarks
Lot Features
Near Public Transit, Residential Lot
Roof
Flat
Sewer
Connected
School Information
School District
Syracuse
Other Property Details
Area Name
Syracuse City-311500
Taxes
$23,584
Tax Frequency
Annually
Days on Market
69
Garage
No
Parking
None, No Garage
View
No
County
Onondaga
Municipality
Not Applicable
Water Source
Connected, Public
Pool
No
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
|---|---|---|
5/8/2024 | Price Change | $1,900,000 -10% |
Courtesy of Hunt Real Estate Era, Zachary Johnson
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Data last updated 8:52 PM UTC, 5/8/2024