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1002 Butternut St 4 Unit Apartment Building $309,900 ($77,475/Unit) 11.69% Cap Rate Syracuse, NY 13208
Executive Summary
Proudly owned, operated, and maintained by a local contractor for over 35 years, this 4-unit building has been meticulously cared for and extensively updated — with over $100,000 in improvements and remodeling within the past 3 years alone. Two units are currently vacant, allowing for easy showings and offering an ideal owner-occupant opportunity. Apartment 1 is a spacious 3-bedroom, 1-bath featuring a private front porch, large family room, and eat-in kitchen — rented by the same long-term tenant for over 30 years. Apartment 2 is a comfortable 1-bedroom, 1-bath with an open kitchen and living room — also occupied by a tenant of more than 20 years. Apartment 3 is fully remodeled with 3 bedrooms and 1 bath, showcasing a brand-new kitchen, bath, flooring, and appliances, plus a private balcony with composite decking and railings. Apartment 4 is a newly renovated 1-bedroom, 1-bath with a bright eat-in kitchen and living area. The property features vinyl siding, replacement windows, a new roof, and all separate utilities. Bonus: Because two apartments have long-term tenants, rents are currently below market, offering excellent upside potential for increased income. Easy to rent, easy to show — this is a true turn-key investment opportunity! *No leases — all tenants are month-to-month.*
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $309,900 | Apartment Style | Garden |
| Price Per Unit | $77,475 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 11.69% | Building Size | 2,443 SF |
| Gross Rent Multiplier | 7.22 | Average Occupancy | 50% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1945 |
| Property Subtype | Apartment |
| Price | $309,900 |
| Price Per Unit | $77,475 |
| Sale Type | Investment |
| Cap Rate | 11.69% |
| Gross Rent Multiplier | 7.22 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 2,443 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built | 1945 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 2 | - | - |
| 1+1 | 2 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 311500-015-000-0001-035-000-0000 | Total Assessment | $80,000 |
| Land Assessment | $8,200 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $71,800 | Tax Year | 2025 |
Property Taxes
Parcel Number
311500-015-000-0001-035-000-0000
Land Assessment
$8,200
Improvements Assessment
$71,800
Total Assessment
$80,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Presented by
Skinner & Associates Realty, LLC
1002 Butternut St
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