Prime seven-bedroom college rental property on a great lot on the corner of Elting Avenue and Southside Avenue, immediately adjacent to campus. The entire building has been occupied by members of a SUNY sorority for 30 consecutive years, so no leasing risk or hassle. Two of the bedrooms are large enough for legal double occupancy, one of which has double occupancy now. Built in 1991, the building is newer than the vast majority of local housing stock, with a new roof in 2016 and a new hot water heater as well. Owners would prefer to sell this building in conjunction with one other college rental property (26 Tricor Avenue, with 8 bedrooms) but are open to selling the properties individually as well. A new lease is being signed at $6,000/mo through May 2023, delivering a 7.4% cap rate. Combined cap rate for both buildings of 7.2%. Financials available upon request.
