Marcus & Millichap is pleased to present a 140 Unit Class C Apartment Complex in the North Valley Section of Syracuse. Just minutes from the downtown area and a short walk to all shopping needs, this complex consists of four brick, three story buildings located just off Salina Street.
The complex has a great unit mix of 60 one bedroom, 72 two bedroom and 8 three bedroom generously sized apartments. Landlord pays for all utilities. Heating is provided in each building by a series of 4 Weil-Mclain boilers on an energy efficient boiler control system. Lighting throughout the complex operates on motion sensors and on-demand water units provide hot water. A state of the art tamper-proof camera system has been installed throughout the perimeter of the property which allows owner and management to see all cameras from a smartphone app 24/7. Additionally, a commercial grade keyless fob system is now in use for building access (an added security amenity not offered in any competing building in the submarket).
Ballantyne Garden Apartments has on-site management, 24 hour maintenance, a coin-operated laundry room and an ample supply of parking, The well-kept grounds include two fenced-in courtyards and all property is monitored via security cameras. Windows, roofs and walkway paving are all newer. Units are dated but clean and all feature hardwood floors. Complex is a couple of blocks from route 81 and accepts both Section 8 and PA subsidies.
Complexes that exceed 100 units are rarely traded in upstate New York. This offering is competitively priced at an attractive year 1 cap rate of 8.02% and is a great opportunity to secure or expand market share in the Syracuse metro area.
