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.
Property Details
Price:
$2,099,900
MLS #:
S1522594
Status:
Active
Beds:
18
Baths:
0
Address:
1000 Bellevue Avenue
Type:
Commercial
Subtype:
Other
Subdivision:
Fitch & Putnam Tract
City:
Syracuse
Listed Date:
Feb 29, 2024
State:
NY
Finished Sq Ft:
21,280
ZIP:
13204
Lot Size:
0 acres
Year Built:
1940
Listing courtesy of Hunt Real Estate Era,
© 2024 New York State Alliance of MLS’s NYSAMLS. Information deemed reliable, but not guaranteed. This site was last updated 2024-05-06.
© 2024 New York State Alliance of MLS’s NYSAMLS. Information deemed reliable, but not guaranteed. This site was last updated 2024-05-06.
1000 Bellevue Avenue
Syracuse, NY
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Schools
School District:
Syracuse
Interior
Appliances
Appliances Negotiable, Gas Water Heater
Flooring
Other, See Remarks
Heating
Gas, Forced Air
Exterior
Construction Materials
Brick
Exterior Features
See Remarks
Parking Features
None, No Garage
Roof
Flat
Financial
Buyer Agent Compensation
2%
Taxes
$23,584
Map
Community
- Address1000 Bellevue Avenue Syracuse NY
- CitySyracuse
- CountyOnondaga
- Zip Code13204
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