$1,700,000
$1,900,000
10.5%For more information regarding the value of a property, please contact us for a free consultation.
18 Beds
21,280 SqFt
SOLD DATE : 12/31/2024
Key Details
Sold Price $1,700,000
Property Type Multi-Family
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 21,280 sqft
Price per Sqft $79
Subdivision Fitch & Putnam Tract
MLS Listing ID S1522594
Sold Date 12/31/24
Bedrooms 18
Construction Status Existing
HOA Y/N No
Year Built 1940
Annual Tax Amount $23,584
Lot Size 7,326 Sqft
Acres 0.1682
Lot Dimensions 99X74
Property Sub-Type Other
Property Description
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.
Location
State NY
County Onondaga
Community Fitch & Putnam Tract
Area Syracuse City-311500
Direction Take Hubbell Ave to Bellevue.
Rooms
Basement Full, Partially Finished
Interior
Heating Gas, Forced Air
Flooring Other, See Remarks
Fireplace No
Appliance Appliances Negotiable, Gas Water Heater
Exterior
Exterior Feature See Remarks
Utilities Available Sewer Connected, Water Connected
Roof Type Flat
Garage No
Building
Lot Description Near Public Transit, Residential Lot
Story 4
Sewer Connected
Water Connected, Public
Structure Type Brick
Construction Status Existing
Schools
School District Syracuse
Others
Senior Community No
Tax ID 311500-092-000-0021-017-000-0000
Acceptable Financing Cash
Listing Terms Cash
Financing Other,See Remarks
Special Listing Condition Standard
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