$695,000
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12 Beds
7,360 SqFt
SOLD DATE : 04/09/2024
Key Details
Sold Price $695,000
Property Type Multi-Family
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 7,360 sqft
Price per Sqft $94
Subdivision Gilbert
MLS Listing ID S1525078
Sold Date 04/09/24
Bedrooms 12
Construction Status Existing
HOA Y/N No
Year Built 1965
Annual Tax Amount $15,458
Lot Size 8,001 Sqft
Acres 0.1837
Lot Dimensions 80X100
Property Sub-Type Other
Property Description
Rare opportunity to own a 12-unit apartment building fully occupied with zero delinquency. This property has been completely renovated and is being sold at a 10.50% cap rate. Current ownership has spent significant capital renovating every unit, installing a new master boiler system, new mechanicals, exterior porches, exterior siding and much more. All units are on individual leases backed by Catholic Charities through the Refugee Resettlement Program for guaranteed rental income. Even if a unit is vacant, Catholic Charities will still pay rent on it producing rent 100% of the time with zero delinquency or vacancy. This is a very easy property for the Property Manager to manage so they would like to stay on in the event that the new owner is in need of a great property manager. Each unit has their own electric meter and pays their own electric. Property is on master boiler, Landlord pays for water/sewer and heat.
Location
State NY
County Onondaga
Community Gilbert
Area Syracuse City-311500
Rooms
Basement Walk-Out Access
Interior
Heating Gas, Baseboard, Radiant
Flooring Luxury Vinyl
Fireplace No
Appliance Gas Oven, Gas Range, Gas Water Heater, Refrigerator
Exterior
Exterior Feature Blacktop Driveway
Utilities Available Sewer Connected, Water Connected
Roof Type Asphalt
Garage No
Building
Lot Description Residential Lot
Story 3
Sewer Connected
Water Connected, Public
Structure Type Wood Siding
Construction Status Existing
Schools
School District Syracuse
Others
Senior Community No
Tax ID 311500-009-000-0011-007-000-0000
Acceptable Financing Cash
Listing Terms Cash
Financing Other,See Remarks
Special Listing Condition Standard
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Bought with Hunt Real Estate ERA