$1,700,000

1000 Bellevue Avenue, Syracuse NY, 13204

Price per sqft$79.89

Built in1940

Property size21,280 sqft

Property typeOther

Overview

Sold

Closed

Listed Feb 29, 2024

Updated Jun 1

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.

Additional information

MLS^® ID: S1522594

Interior Features

Bedrooms: 18
Bathrooms: 0
Heating: Yes
Basement: Yes

Exterior Features

Lot Size: 0.17 Acres

Other Property Details

Taxes: $23,584
Tax Frequency: Annually

Courtesy of Hunt Real Estate Era, Zachary Johnson

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Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the listing broker(s), Robert Zaccaria, nor Luxury Presence shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.

Data last updated 11:37 PM UTC, 6/1/2026