Pending

1000 Bellevue Avenue

Syracuse NY, 13204

$1,900,000


$89.29 per sqft

Pending

18 Beds

21,280 sqft

Other

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

July 13, 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

98


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

6/20/2024

Pending

6/10/2024

Under Contract

5/8/2024

Price Change

$1,900,000

-10%

 

Courtesy of Hunt Real Estate Era, Zachary Johnson

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