Massena Multifamily Investment
For Sale
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457 Leslie Rd, Massena, NY 13662
90-unit multifamily property with apartments and Airbnb units in Massena.
Property Size99,726 SF
Price / SF$79.72
Days on Market705
Property Features for 457 Leslie Rd
General Information
Standard status
Active
Size
99,726 SF
Class
B
Property subtype
Multifamily
Occupancy
81%
Investment Type
Owner/User
Net Operating Income
$593,200
Building Details
Year Built
1980
Buildings
12
Listing Agency:
CBRE - Syracuse
Listed By:
Lawrence Papaleo · License #NY
(315) 784-2524
Source:
Crexi
Added: Nov 13, 2024
Changed: Oct 14
Last Checked: Oct 19 at 7:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Syracuse
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Investment Insights
Based on property information with market context.
This property in Massena, NY, comprises 90 units, including 81 traditional apartments and nine Airbnb units. The units are distributed across 12 buildings, all situated within a quarter-mile radius of each other. Several capital expenditure investments have been made in recent years, including new roofs, kitchens, siding, and flooring. The property is family-owned and developed. All units are electric, with tenants directly metered. The property is located on a 99,726 square foot lot. A new power contract between NYPA and Alcoa is expected to bring 50 additional jobs and $145 million in upgrades to the Massena plant, reinforcing its local importance and strengthening the area's economic stability. Alcoa’s Massena facility is a vital economic engine and a key employer in St. Lawrence County. The investment signals a long-term commitment to the region’s industrial future.
Key Highlights
- 90‑unit apartment complex featuring 81 traditional apartments and 9 Airbnb units for diverse income.
- Recent capital improvements include new roofs, kitchens, siding, and flooring.
- All‑electric units are tenant‑metered, simplifying utility management.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$466,585
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,331,700
$9.3M
Cap Rate 7%
$6,665,500
$6.7M
Cap Rate 9%
$5,184,278
$5.2M
Market Conditions
NOI Build-Up for 99,726 SF
Gross rent
$1.09M $10.92/SF
− Vacancy
−$240.7K −$2.41/SF
EGI
$848.3K $8.51/SF
− OpEx
−$381.8K −$3.83/SF
NOI
$466.6K $4.68/SF
Area
St. Lawrence County, NY
Vacancy
22.10%
Lease Rate
$10.92 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,331,700
Cap Rate 7%
$6,665,500
Cap Rate 9%
$5,184,278
Alternative Uses
Best Use
Apartment 5plus
$6.67M
$5.83M – $7.78M
NOI $466,585 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$24.74M
$21.65M – $28.86M
NOI $1,731,882 @ 7.0% cap · market cap 21.78%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
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Business Placement
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - 90-unit multifamily property with apartments and Airbnb units in Massena.
Where is this apartment building located?
The property is located at 457 Leslie Rd Massena, NY.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: 90‑unit apartment complex featuring 81 traditional apartments and 9 Airbnb units for diverse income.; Recent capital improvements include new roofs, kitchens, siding, and flooring.; All‑electric units are tenant‑metered, simplifying utility management.
