335 Shonnard St 11 Unit Apartment Building $773,495 ($70,318/Unit) 13% Cap Rate Syracuse, NY 13204

Currently in the final phase of renovation and lease-up. The building will be delivered fully stabilized with a projected net operating income of $100,590. Completion of renovations and lease-up is scheduled for March 15, with property walkthroughs available starting February 15.
The unit mix consists of 3 studios, 6 one-bedroom units, and 2 two-bedroom units. Pro forma rents are $963 for studios, $1,074 for one-bedrooms, and $1,321 for two-bedrooms.
The property is being offered at $773,495, representing approximately a 13% cap rate on stabilized numbers. Based on income and market conditions, the stabilized value is projected to exceed $1,000,000, providing buyers the opportunity to put under contract an asset at a meaningful discount as it’s nearing full completion.
Over $150,000 will have been invested into renovations, including updated interiors and overall improvements designed to support long-term durability and rent stability. Photos currently shown are AI-generated renderings intended to reflect the final finish level, layout, and design concept of the completed property.
A majority of the tenant base will be government-guaranteed income, including Department of Social Services and Section 8 placements. In many cases, rent payments are sent directly to the landlord, providing consistent and reliable income. Upon transfer, the new owner will complete a W-9 with the city to ensure rent payments are properly redirected.
Buyers have the opportunity to cooperate during the build-to-suit phase, allowing time to line up financing and complete final transfer documentation simultaneously to stabilization. This structure can significantly shorten the typical closing timeline.
A DSCR lender can be provided if financing assistance is needed for the buyer. 
Property walkthroughs will begin February 15. Inquiries are welcome.