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335 Shonnard St
Syracuse, NY 13204
Multifamily Property For Sale
·
11 Units
Executive Summary
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.
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.
Property Facts
| Price Per Unit | $70,318 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,552 SF |
| Cap Rate | 13% | No. Stories | 2 |
| No. Units | 11 | Year Built | 1920 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | 03 - MULTI | ||
| Price Per Unit | $70,318 |
| Sale Type | Investment |
| Cap Rate | 13% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Lot Size | 0.12 AC |
| Building Size | 3,552 SF |
| No. Stories | 2 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | 03 - MULTI |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
Property Taxes
| Parcel Number | 311500-097-000-0005-008-000-0000 | Improvements Assessment | $67,900 |
| Land Assessment | $2,100 | Total Assessment | $70,000 |
Property Taxes
Parcel Number
311500-097-000-0005-008-000-0000
Land Assessment
$2,100
Improvements Assessment
$67,900
Total Assessment
$70,000
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