Courtesy: Hunt Real Estate Era
315-488-2926
Available on the market for the first time in 40 years, this rare 10-unit portfolio in the heart of the Village of Solvay offers a unique blend of stability and upside for investors. Data in this description pertains to both 114 and 112 Freeman Avenue combined. Consisting of three structures: a 7-unit apartment building, a 2-family multi, and a single-family colonial—all contiguous and sharing off-street parking. Each of the 10 units has separate utilities and a varied mix of sizes (1 one-bedroom, six two-bedroom, two three-bedroom, and one four-bedroom stand-alone home), giving you multiple leasing and marketing strategies. Current rents are below market value, translating into a potential 13% pro forma cap rate—an exceptional value-add play. Located in a tight-knit, lakeside community just minutes from downtown Syracuse, Solvay boasts scenic outdoor amenities, small-town conveniences and attractions, and the benefit of locally controlled, low-cost utilities via municipality-owned Solvay Electric. With strong fundamentals, thoughtful upkeep, and long-term appreciation potential, this property presents a rare opportunity to acquire a performing asset with plenty of room to grow. The hands-on owner of this well-maintained package has 55 years of experience owning and managing over 100 units. He has decided to move on to new projects, presenting an excellent opportunity for the new owner.
Solvay is located in New York. Solvay, New York has a population of 6,661. Solvay is less family-centric than the surrounding county with 19.51% of the households containing married families with children. The county average for households married with children is 26.38%.
The median household income in Solvay, New York is $50,953. The median household income for the surrounding county is $66,012 compared to the national median of $69,021. The median age of people living in Solvay is 38.3 years.
The average high temperature in July is 81.3 degrees, with an average low temperature in January of 14.8 degrees. The average rainfall is approximately 42.1 inches per year, with 102.3 inches of snow per year.
