Overview

Description

**Unpriced**
Cedar William, as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire a 100% fee simple interest in the sale of The Snowdown Apartment Complex. This multifamily/SRO property, known as The Snowdon, is an original 1902 Archimedes Russell design. It stands as a historical gem, truly a diamond in the rough with unlimited potential. Located at the corner of James Street and Burnet Avenue, it faces Interstate 81, the colloquial gateway to Downtown Syracuse. Tenants enjoy walking distance access to all the amenities Downtown Syracuse offers, including historic Armory Square, Landmark Theatre, Salt City Market, The Everson Museum of Art, and The Erie Canal Museum.

The six-story brick structure rests on a four-foot-thick limestone foundation and features two main wings arranged in a wedge-shaped fashion. Elements of Georgian Revival style architecture, such as bow fronts, vertical rows of balconies, and wrought iron terraces, imbue the Snowdon with a charming aesthetic, almost as if it were frozen in time. The units comprise a mix of efficiency units, studios, and one, two, and three-bedroom apartments.

Strategically situated adjacent to Interstate Highway 81, The Highway is currently scheduled for demolition within the next two years as part of a $2 billion infrastructure project within the city. The new zoning map for replacing/rebuilding I-81 reroutes the highway behind the property (North Side), which will allow for full integration into the downtown area. Interstate 690, located in front of the building, will remain, providing excellent frontage for signage and advertising opportunities. These features will facilitate and generate interest in luxury redevelopment when the market is suitable. The building lies within an opportunity zone making this an even more attractive value add opportunity.

Highlights

• 166 Unit SRO Multifamily
• Value Add In Increasing Rents and Stabilization
• Housing Shortage
• Micron 100B Investment 50,000 New Jobs
• Walking Distance to Downtown
• Strong Double Digit In Place Cash Flow

Documents

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