313 Salina St Syracuse, NY 13202

This five-story, 15,860-square-foot apartment building at 313 S Salina St, Syracuse, NY 13202, presents a compelling redevelopment opportunity. Located in the heart of downtown Syracuse, this Class C multifamily property boasts a prime location with heavy daytime foot traffic, ideal for a new concept. The building, constructed in 1920, features five units, each offering an open floor plan, high ceilings, and exposed brick, perfect for luxury loft conversions. Currently, the building has a 20% occupancy rate as of May 31, 2023, and offers 15,000 square feet of net rentable space. The asking price is $989,000, translating to $62 per square foot and $197,800 per unit. The property is zoned for commercial use and benefits from its proximity to Armory Square, Clinton Square, and Hanover Square, offering easy access to restaurants, shops, and businesses. Significant recent renovations on Bank Alley, directly behind the property, further enhance its appeal. Grant money is available for eligible projects. This is a unique chance to capitalize on the growing residential market in downtown Syracuse.