True to life 15 cap for sale! Looking to move it quickly.

[Jeff Wydra]

Amazing investment opportunity located in Syracuse NY.

4 unit multi family (1 bedroom) with stable, long term tenants.

The good:

100% Fully rented with stable and long term tenants. The "newest" tenant has been there for 15 years, the oldest has been there for 23. Tenants pay for their own electric and heating (gas). Cash cow! Gross is $2,375 a month, and net is about $1,950 ($23,500 year). Brand new roof and all new Plywood decking in October 2022. All windows were changed to PVC about 5 years ago. Frame is good and foundation is good. Big units with 9 foot ceilings. Hardwood floors throughout. One newly remodelled bathroom. 4 newly upgraded electrical panels. In the path of gentrification! They are throwing down highway 81 (1/2 mile down the street) and building a "community grid" that will bring in more people and investment starting this year (project already underway). It's a $2 Billion dollar investment and the very first roundabout will be down the street. Just down the street from Centro bus maintenance and JMA wireless (2 big, high paying employers). 1 mile from downtown. 1 mile from Syracuse university, hospital, and the cancer center. 1 mile down the street from the carrier dome (now JMA dome) Possibility of building a 5th unit in the super cool cathedral ceiling attic (personally this was my dream and I would've kept that unit for myself). Very prominent building right on the corner of two main roads. It gets noticed and would never have a hard time finding renters. Syracuse has traditionally been a very linear market with a stable or declining population, however starting in 2020 it started seeing an increase in population as well as lots of investment being injected into the city. Home to the 6th largest mall in America (Destiny mall) and lots of industry. Fairly low taxes, insurance and water bills.

The bad:

Needs new siding. About $30k to tear off current wood siding and replace with vinyl. Needs new balconies. Price would depend on style and materials chosen. Interior units would need to be refreshed as tenants leave, but that could be a while as they've been there forever. The neighbourhood is alright, but it's literally on the edge. If you go north, you're in the bustling downtown. If you go east you're at the university and the JMA Carrier dome. If you go south or west, you're in the hood. Some abandoned houses and sketchy areas. But the building itself is just on the outskirts of that, and personally I've never felt worried to walk around at night with a pocket full of rent money.
My plan was to keep it forever, unfortunately as a Canadian I'm having a hell of a time finding someone to refinance it, and I need the money for an amazing business opportunity. Looking for a quick sale. Any more questions please feel free to reach out!