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Herald Commons 220 Herald Pl

27 Unit Apartment Building $12,000,000 ($444,444/Unit) 7% Cap Rate Syracuse, NY 13202

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Investment Highlights

Heavy daytime foot traffic
Open plan with exposed brick walls
Walking distant to Armory Square

Lots of natural light
5,000 sf Restaurant on first floor

Executive Summary

27 Market rate apartments with 17,000sf of retail and 1/2 acre parking lot
Full set of approved right to build plans, 20 story 240 unit apartment building

Property Facts

Price	$12,000,000	Building Class	B
Price Per Unit	$444,444	Lot Size	0.41 AC
Sale Type	Investment	Building Size	65,536 SF
Cap Rate	7%	Average Occupancy	93%
Sale Conditions	1031 Exchange Sale Leaseback	No. Stories	4
No. Units	27	Year Built/Renovated	2000/2016
Property Type	Multifamily	Parking Ratio	1.97/1,000 SF
Property Subtype	Apartment General Retail Storefront Retail/Residential	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Mid Rise

Price	$12,000,000
Price Per Unit	$444,444
Sale Type	Investment
Cap Rate	7%
Sale Conditions	1031 Exchange Sale Leaseback
No. Units	27
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential
Apartment Style	Mid Rise
Building Class	B
Lot Size	0.41 AC
Building Size	65,536 SF
Average Occupancy	93%
No. Stories	4
Year Built/Renovated	2000/2016
Parking Ratio	1.97/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.