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    Massena Multifamily Investment Opportunity Title is generated by Realmo AI

    457 Leslie Rd, Massena, NY 13662

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    90-unit multifamily property with apartments and Airbnb units in Massena.

    Type:Multifamily
    Property size:
    99,726 SF
    Price / SF:
    $79/SF
    Added:
    Nov 13, 2024
    Days on Market:
    569
    Last Refresh:
    May 12 at 10:04 pm

    Property Features for 457 Leslie Rd

    General Information

    Standard status
    Active
    Size
    99,726 SF
    Property subtype
    Multifamily

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    Listing Contact
    Lawrence Papaleo

    Listing agent Lawrence Papaleo License #NY

    Listing office CBRE - Syracuse

    Listing date Nov 13, 2024

    Source Crexi

    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

    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.
    • New NYPA Alcoa agreement bringing 50 jobs and $145 million in upgrades to the Massena plant.
    • Family‑owned and developed.
    • Located in 12 buildings within a 1/4 mile radius.

    Overview

    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.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $1.09M $10.92
    − Vacancy −$240.7k −$2.41
    EGI $848.3k $8.51
    − OpEx −$381.8k −$3.83
    NOI $466.6k $4.68
    99,726 SF · lease $10.92/SF/yr · vacancy 22.10% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $6.67M
    $5.83M – $7.78M (±1% cap)
    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 (±1% cap)
    NOI $1,731,882 @ 7.0% cap · market cap 21.78%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Pharmacy Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Massena
    County
    St. Lawrence
    State
    New York
    Longitude
    -74.8566645
    Latitude
    44.9462836

    FAQs

    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.
    More about this property
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