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Buy&Hold (Multifamily): (574 Units) Syracuse, NY 13210 + $57,000,000

Multifamily Investment Opportunity







Portfolio Price

$57,000,000


🚨 Off-Market Syracuse, NY 574-Unit Multifamily Portfolio 🚨

Lifestyle Apartments Portfolio Underwriting Summary

🔑 Asking Price: $57M + 3% BUYER FEE

📍 Location: Syracuse, NY

🏢 Total Units: 574

(565 apartments, 4 commercial retail spaces, 3 offices, 1 management office, 1 cell tower)



🌟 Property Overview

Portfolio Name: Lifestyle Apartments

Buildings & Lot Sizes:

  • 600 James St.: 44,485 SF, 0.42 acres, built in 1922

  • 753 James St.: 322,268 SF, 2.30 acres, built in 1950

  • 923, 941-947 James St.: 78,009 SF, 1.98 acres, built in 1965

💲 Financial Performance & NOI Comparison

NOI in Spreadsheet: $4,655,881.11NOI in OM: $4,063,024Difference: $592,857.11 (higher in spreadsheet)

Factor

Spreadsheet

OM Proforma

Difference

Base Rental Income

$7,962,232.44

$7,600,674

$361,558.44 Higher in Spreadsheet

Vacancy Deduction

-$238,866.97 (3%)

-$380,034 (5%)

$141,167.03 Lower Vacancy in Spreadsheet

Other Income

$49,607.55

$68,760

$19,152.45 Lower in Spreadsheet

Total Gross Revenue

$7,772,973.02

$7,289,400

$483,573.02 Higher in Spreadsheet

Operating Expenses

$2,883,902.72

$3,007,694

$123,791.28 Lower in Spreadsheet

Management Fees

$233,189.19

$218,682

$14,507.19 Higher in Spreadsheet

🌆 Market Conditions & Demand Drivers

  • Syracuse Metro Population: 650,061

  • Unemployment Rate: 3.5% (vs. 3.8% national average)

  • Rental Growth: 4.8% YoY

  • Vacancy Rate: 5.3%


Major Economic Drivers:

  • Micron’s $100B Semiconductor Complex: 40,000+ jobs over 10 years

  • Syracuse University: 21,000+ students

  • Amazon Fulfillment Center & Major Healthcare Institutions

🔧 Capital Improvements & Value-Add Potential


Ongoing Renovations:

  • 600 James (The Dutchess): All units turned, 100% occupied, new elevator, roof, lighting, and security systems.

  • 753 James (The Metropolitan): Full unit renovations, gym addition, modernized elevators, tankless water heaters, and more.

  • 923-947 James (The Gardens): 70% completed renovations, new roofs, security systems, and utility upgrades.


Value-Add Strategy: Lease-up at market rents post-renovations, boosting NOI.

📈 Comparable Sales & Price Per Unit Benchmarks

  • Greenway Place: 43 units, $117,870 per unit

  • Briarcliff Estates: 96 units, $97,495 per unit

  • Serenity Village: 340 units, $119,118 per unit

  • Expected Price Per Unit: $100K - $120K

  • Estimated Portfolio Valuation: $57M - $69M


🔑 Key Takeaways

  • Upside Potential: Lease-up at market rents and capital improvements to increase NOI.

  • Market Stability: Supported by economic growth from Micron’s development and local demand.

  • Opportunity Zone: Offers tax benefits for long-term investors.


📧 To Submit Offers: Please email investments@promiselandrealtyllc.com🚫 TEAM PROMISELAND Disclaimer: No one is allowed to market or distribute property details without express written permission or membership in TEAM PROMISELAND affiliates. Unauthorized use of property details or lists incurs a $500 fine.


Property Map


"Your #1 Source for Off Market Real Estate Properties, Nationwide"




PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT—unauthorized marketing will result in a $500 fine. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top. PROMISELAND REALTY has maintained over $50 Billion in off-market real estate assets for the last 7 years.


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