Syracuse, NY: 3-Unit in Strathmore Neighborhood
After 7-8 years of successful real estate investment with many deals, I must regrettably admit this project is my first loss and liquidate it as-is for much less than I have into it. Stunning 3-unit on the outskirts of Strathmore, this building presents all the architectural splendor characteristic of the neighborhood, and needs someone with capital and vision to complete the restoration. The first two floors offer giant-sized apartments with very high ceilings, french doors, enclosed porches, hardwood floors with some beautiful inlays, and fireplaces.
The second floor has been renovated and is 99% rent-ready. First and third floors still require renovation.
New plumbing and electric throughout, and many new windows. Third floor has a newer furnace.
Shared driveway with adjacent property, but plenty of dedicated parking for 3-5 vehicles.
Location is convenient to downtown business district, St. Joe's and other medical employment, and to Syracuse University. It's also just a few minutes away from Onondaga Hill employment, including Onondaga Community College. My existing rental in this area consistently draws high rent from quality tenants, typically in education or medical professions.
Challenges for new owner are: complete renovations, re-establish zoning for third floor.
Asking $69,900 or best offer. Will entertain rent-to-own/lease option -- terms to be negotiated with minimum down of $10,000.