437 Midland Avenue #39, Syracuse, NY 13202 (MLS # S1578128)

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View Virtual Tour PRICE $680,000 BEDS 8 BATHS 0 HOME SIZE 9,000 sqft LOT SIZE 16,562 sqft Request More Info Schedule a Showing

Great opportunity to own a well maintained 8-unit apartment building. All units are identical 2 bedroom/1 bathroom, just shy of 1,000 square feet each. The entire roof is only 3 years only & about 80% of all hot water tanks and furnaces are 1-2 year old. Property has a majority of CapEx into the property complete with no deferred maintenance at play here. Each tenant pays for their own gas/electric and has their own hot water tank and furnace. In the basement there is a coin operated washer/dryer set for additional income that conveys and is tied into the 9th house electric meter. Brick exterior is facade not structural. Property on the sides ends at the driveway coming up and the fenced in grass area. Plenty of parking out back for the tenants with the newly paved parking area. Great opportunity to bring rents up to market rate of $1,200+ per unit. NOI is currently ~$73,351 offering this property at a 10.79% cap rate based on the current pricing guidance. NOI at market rents would be $87,408 or a 12.95% cap rate. Property is ran extremely efficiently and brings in strong cashflow.