Massena Multifamily Investment
457 Leslie Rd Massena, NY 13662
457 Leslie Rd, Massena, NY, 13662
Contact for pricing
For Sale
Contact for pricing
90-unit multifamily property with apartments and Airbnb units in Massena.
Property Size99,726 SF
Price / SF$79.72
Days on Market615
Property Features for 457 Leslie Rd
General Information
- Standard status
- Active
- Size
- 99,726 SF
- Property subtype
- Multifamily
Listing agency
CBRE - Syracuse
(315) 784-2524
Listed by
Lawrence Papaleo · License #NY
Source
Crexi
Added: Nov 13, 2024 Updated: Jul 6 at 7:55AM Checked: Jul 20 at 6:45AM
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
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.
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
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Similar For Sale Nearby
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.
