215 Fayette St Syracuse, NY 13202-1222
- Investment properties
- 21,120 SF
- 0.12 lot acres
Current Use by Public Records
- Investment properties
Property Details for 215 Fayette St
- Year built
- 1920
- Lot size
- 0.12 lot acres
- Property size
- 21,120 SF
- Zone code
- 16
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 311500 101.-04-05.0
- APU
- 31150010104050
Description
This exceptional mixed-use property, located at 215 W Fayette St in Syracuse, NY, presents a compelling value-add investment opportunity. The five-story building, constructed in 1920 and fully renovated in 2017/2018, boasts a prime Armory Square location with frontage on both West Fayette and Walton Streets. The property comprises 14 residential units and one ground-floor retail/commercial space. The residential units consist of ten one-bedroom, one-bathroom apartments and four two-bedroom, two-bathroom apartments. One of the two-bedroom units is a penthouse apartment with private rooftop deck and direct elevator access. All residential units feature in-unit washer/dryers, updated kitchens with stainless steel appliances and granite countertops. The building benefits from updated mechanical systems. Currently operating at 75% occupancy, there's significant upside potential due to some units renting below market rates and a few vacancies. The asking price is $3,275,000, representing a 5.50% capitalization rate. Financial details are available under a confidentiality agreement. This property offers a rare blend of strong location, updated amenities, and significant income growth potential. The building's mixed-use nature provides diversification and enhanced investment returns. This is an ideal opportunity for investors seeking a value-add project in a vibrant urban setting.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,775,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,245,000
- 6.5%
- $3,300,000
- 7%
- $3,470,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,980,000
- Geo Method
- $2,785,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,795,000
- Retail
- $2,805,000
- Mixed-Use
- $3,255,000
- Hospitality
- $3,335,000
- Educational
- $3,545,000
- Residential Income
- $3,605,000
- Energy
- $2,960,000
- Income-Based Land
- $2,910,000
- Food Service
- $3,610,000
Location Insight
- Map
- Local Demand
- City
- Syracuse
- County
- Onondaga
- State
- New York
- Longitude
- -76.1542
- Latitude
- 43.0483
- CBSA code
- 45060
- CBSA name
- SYRACUSE, NY METROPOLITAN STATISTICAL AREA
