457 Leslie Rd Massena, NY 13662

Property Details for 457 Leslie Rd

Year built

1980

Property size

99,726 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 90-unit apartment complex in Massena, NY, boasting a strong 6.87% cap rate. The property comprises twelve buildings totaling 99,726 square feet, strategically located within a quarter-mile radius. Currently, 94% occupied, the complex features 81 traditional apartments and nine units successfully operating as Airbnbs. Each unit includes modern amenities such as a washer/dryer, dishwasher, full-size refrigerator/freezer, range/stove, window A/C unit, and hot water tank. Many units feature luxury vinyl plank flooring and ample closet space, including numerous walk-in closets. Residents enjoy convenient access to on-site parking with 154 surface spaces and eight garage units. Two locations offer workout rooms for tenant use. The property benefits from all-electric units with individual meters, allowing tenants to pay utilities directly to the municipal provider at a low rate of 8.84 cents/kWh. Landlord responsibilities include water, trash, and sewer (where applicable), with 88 of the 90 units connected to public sewer. The asking price is $9,000,000, reflecting a price per square foot of $90.25. Built between 1980 and 2006, the complex has undergone significant capital expenditures in recent years, including roof replacements, kitchen renovations, siding upgrades, and flooring improvements. This well-maintained, family-owned property offers a compelling return on investment with its high occupancy rate and attractive amenities. The property's financial performance is further supported by a Net Operating Income (NOI) of $618,259. Detailed financial information is available upon request.