8991 Morris Rd Ext # ROUTE31
Listing Notes
6-Unit Multifamily Investment Opportunity - Offered at $295,000 This six-unit multifamily property offers an excellent value-add investment in one of Central New York's strongest rental markets. Conveniently located near Oneida Lake, Sylvan Beach, Turning Stone Resort Casino, multiple marinas, and the New York State Thruway, the property benefits from strong year-round rental demand. The 6,250+/- square-foot building includes one two-bedroom apartment and five oversized one-bedroom units, each with spacious living areas and full kitchens. Approximately 90% rebuilt in 1991, the property also features ample off-street parking and a large yard. At current market rents of $1,000-$1,250 per month, projected gross annual income is approximately $81,000, with an estimated Net Operating Income (NOI) of $47,200. At the $295,000 asking price, the property offers a projected 16% cap rate, providing exceptional cash flow potential. With room for continued rent growth, a desirable location, and limited competing inventory, this property presents a rare opportunity to acquire a high-yield multifamily asset with both immediate income and long-term upside.
Price in context
Cheaper than 67% of the 6 homes listed nearby right now, which run $189,900 to $409,500.
See all 6 nearby listings
| Address | Asking | Size |
|---|---|---|
| 3226 Jaquin Rd | $189,900 | 1 bd · 2 ba |
| 9106 Arthur Jenkins Rd | $282,000 | 3 bd · 2 ba |
| 3330 State Route 31 | $320,000 | — |
| 3019 Colleens Way | $325,000 | 3 bd · 1 ba |
| 3375 Route 31 | $329,900 | 3 bd · 3 ba |
| 3471 Cleveland Pl | $409,500 | 2 bd · 1 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more