Looking for Partner/Angel Investor for unique opportunity in Syracuse

[Michael Carter]

There is a commercial building for sale in Syracuse that I think would make an excellent apartment building. Its a 12,000 sq ft building that's currently a bank (also has 6k sq ft basement). It's in a high demand rental neighborhood generally made up of students (full year leases), working class and young professionals.

Market rent is roughly around $1300 in Syracuse. The building would need a full conversion to an estimated 10 or 20 apartments depending on the interiors layout. I would have to get in there or view a floorplan to come up with an accurate number. I also think maybe we could get creative with the basement space and do a microbrewery or something. I think this building would have a tenant waitlist for years to come. 

Current asking price: 599k

I think they would accept <500k

Duplexes in neighborhood selling for: 240k, 275k, 260k

Cost to convert: 750k-1.5mil ?? (your expertise) 

I can't really estimate accurate returns without talking to you and learning more about the building itself. 

I'm an agent in this area but I don't have the experience or capital for a project of this size. But if someone wanted to invest, I could be in charge of all the leg work, design, managing construction, marketing, and managing the tenants. I like this neighborhood and rented 4 different places myself in my 20s. If anyone is interested in learning more, feel free to comment, dm or reach out to my info in bio!

Thanks!