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214 Kinne St - St. Matthew's Gymnasium 10,717 SF Flex Condo Unit Offered at $825,000 in East Syracuse, NY 13057
INVESTMENT HIGHLIGHTS
- Fully Leased NNN Structure
- Recent Building Upgrades - Sprinkler & Fire Alarm all NEW!
EXECUTIVE SUMMARY
St. Matthew’s Gymnasium offers a rare investment opportunity in East Syracuse. This 10,717 SF facility is fully leased on a NNN basis to a well-established nonprofit organization. The tenant has three (3) years remaining on their base term, with a five-year renewal option in place, providing stable cash flow and long-term security. The property features recently installed life-safety upgrades, including a new sprinkler and fire alarm system. Interior improvements include both boys’ and girls’ locker rooms, multiple storage rooms, and a built-in stage, supporting a wide variety of athletic and community uses. Annual operating expenses are efficient, with estimated HOA dues of $3,252.30 and annual real estate taxes of $2,655.66. This investment combines a strong nonprofit tenant, updated building systems, and unique amenities in a desirable location. The gymnasium is part of the former St. Matthew's Elementary School and now part of the St. Matthew's Condominium Association. Full condo offering documents will be made available during due diligence.
PROPERTY FACTS
| Total Building Size | 10,717 SF | Typical Floor Size | 10,717 SF |
| Property Type | Specialty (Condo) | Year Built | 1956 |
| Building Class | C | Lot Size | 1.35 AC |
| Floors | 1 | ||
| Zoning | Gymnasium - Zoned Gymnasium via special use permit. | ||
| Total Building Size | 10,717 SF |
| Property Type | Specialty (Condo) |
| Building Class | C |
| Floors | 1 |
| Typical Floor Size | 10,717 SF |
| Year Built | 1956 |
| Lot Size | 1.35 AC |
| Zoning | Gymnasium - Zoned Gymnasium via special use permit. |
1 UNIT AVAILABLE
Unit Gymnasium
| Unit Size | 10,717 SF | Sale Type | Investment |
| Price | $825,000 | Cap Rate | 8.00% |
| Price Per SF | $76.98 | NOI | $66,000 |
| Condo Use | Flex |
| Unit Size | 10,717 SF |
| Price | $825,000 |
| Price Per SF | $76.98 |
| Condo Use | Flex |
| Sale Type | Investment |
| Cap Rate | 8.00% |
| NOI | $66,000 |
DESCRIPTION
St. Matthew’s Gymnasium offers a rare investment opportunity in East Syracuse. This 10,717 SF facility is fully leased on a NNN basis to a well-established nonprofit organization. The tenant has three (3) years remaining on their base term, with a five-year renewal option in place, providing stable cash flow and long-term security.
The property features recently installed life-safety upgrades, including a new sprinkler and fire alarm system. Interior improvements include both boys’ and girls’ locker rooms, multiple storage rooms, and a built-in stage, supporting a wide variety of athletic and community uses.
Annual operating expenses are efficient, with estimated HOA dues of $3,252.30 and annual real estate taxes of $2,655.66. This investment combines a strong nonprofit tenant, updated building systems, and unique amenities in a desirable location.
+4 More
Lobby
Gym Photo
Gym Photo
Hallway to locker rooms
Mens room
Ladies Room
Stage
Gym
Gym
Presented by
Redev CNY
214 Kinne St - St. Matthew's Gymnasium
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