8991 Morris Rd. Ext.Route 31 Canastota, NY 13032
6 Beds
6,261 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,261 sqft
Price per Sqft $47
Subdivision Oneida Crk
MLS Listing ID S1699220
Bedrooms 6
Construction Status Existing
HOA Y/N No
Year Built 1930
Annual Tax Amount $13,772
Lot Size 0.510 Acres
Acres 0.51
Lot Dimensions 157X131
Property Sub-Type Other
Property Description
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.
Location
State NY
County Madison
Community Oneida Crk
Area Lenox-253689
Rooms
Basement Crawl Space, Full, Sump Pump
Interior
Interior Features Ceiling Fan(s), Natural Woodwork
Heating Gas, Baseboard, Hot Water
Flooring Carpet, Laminate, Varies, Vinyl
Fireplace No
Appliance Electric Oven, Electric Range, Gas Water Heater, Refrigerator
Exterior
Exterior Feature Gravel Driveway
Community Features None
Utilities Available Cable Available, High Speed Internet Available, Sewer Connected, Water Connected
Roof Type Asphalt
Garage No
Building
Lot Description Irregular Lot
Story 2
Sewer Connected
Water Connected, Public
Level or Stories Two
Structure Type Vinyl Siding
Construction Status Existing
Schools
Middle Schools Roberts Street Middle
High Schools Canastota High
School District Canastota
Others
Senior Community No
Tax ID 253689-013-006-0001-001-000-0000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/syr/S1699220
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