Regency Tower | 770 James St
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Regency Tower 770 James St
237 Unit Apartment Building $29,500,000 ($124,473/Unit) 6.10% Cap Rate Syracuse, NY 13203
Investment Highlights
- Current Occupancy: ±98% (10./1/24)
- Heated, secure parking garage with 236 spaces offering additional income
- Located in proximity to Syracuse University and four hospitals including SUNY Upstate University Hospital
- Avg. Monthly Rent: $1,360 ($1.1/SF) with room for rent growth
- More than $10 million in CapEx over the past 5-10 years
- Approximately 9 mi. from Micron's proposed semiconductor fabrication facility in Clay, NY.
Executive Summary
Regency Tower is located within the city of Syracuse and is a self-contained high-rise apartment community featuring 237 residential units plus supporting commercial space, including an on-site periodontist/dentist and Attilio‘s, one of the city‘s most popular high-end restaurants. Regency Tower is located just minutes from Syracuse University, four local hospitals and a multitude of related medical and educational facilities and support services.
This asset is also within walking distance to the heart of downtown Syracuse and approximately 9 miles from Micron‘s proposed semiconductor fabrication facility, an investment that is projected to create upwards of 50,000 jobs in the region over the next two decades.
Visit the property website www.regencytowersyracuse.com to sign the confidentiality agreement to access the detailed offering memorandum.
This asset is also within walking distance to the heart of downtown Syracuse and approximately 9 miles from Micron‘s proposed semiconductor fabrication facility, an investment that is projected to create upwards of 50,000 jobs in the region over the next two decades.
Visit the property website www.regencytowersyracuse.com to sign the confidentiality agreement to access the detailed offering memorandum.
Property Facts
| Price | $29,500,000 | Building Class | B |
| Price Per Unit | $124,473 | Lot Size | 1.51 AC |
| Sale Type | Investment | Building Size | 286,896 SF |
| Cap Rate | 6.10% | Average Occupancy | 98% |
| No. Units | 237 | No. Stories | 15 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.06/1,000 SF |
| Apartment Style | High Rise | Opportunity Zone |
Yes
|
| Price | $29,500,000 |
| Price Per Unit | $124,473 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 237 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | High Rise |
| Building Class | B |
| Lot Size | 1.51 AC |
| Building Size | 286,896 SF |
| Average Occupancy | 98% |
| No. Stories | 15 |
| Year Built | 1962 |
| Parking Ratio | 1.06/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Heating
- Kitchen
- Range
- Views
- Walk-In Closets
- Wheelchair Accessible (Rooms)
Site Amenities
- Controlled Access
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Gated
- Furnished Units Available
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | - | 694 - 766 |
| 1+1 | 145 | - | 764 - 1,164 |
| 2+1 | 27 | - | 1,031 - 1,134 |
| 2+2 | 26 | - | 1,207 - 1,275 |
| 3+2 | 25 | - | 1,438 - 1,509 |
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Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 311500-018-000-0001-006-000-0000 | Improvements Assessment | $6,404,300 |
| Land Assessment | $595,700 | Total Assessment | $7,000,000 |
PROPERTY TAXES
Parcel Number
311500-018-000-0001-006-000-0000
Land Assessment
$595,700
Improvements Assessment
$6,404,300
Total Assessment
$7,000,000
zoning
| Zoning Code | MX-4 Urban Core (The MX-4 district is established to provide for pedestrian-friendly, transit-supportive areas of higher density.) |
| MX-4 Urban Core (The MX-4 district is established to provide for pedestrian-friendly, transit-supportive areas of higher density.) |
-
Lawrence Papaleo -
CBRE Upstate NY
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Regency Tower | 770 James St
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